19 August 2010
Intel to acquire McAfee for $7.68billion
Intel has entered into a definitive agreement to acquire McAfee for approximately $7.68billion. The company will purchase all of the McAfee's common stock and the deal is expected to close after shareholder approval, regulatory clearances and other customary conditions specified in the agreement.
McAfee, which has enjoyed double-digit, year-over-year growth and nearly 80% gross margins last year, will become a wholly-owned subsidiary of Intel, reporting into Intel's Software and Services Group. The group is managed by
Renée James, Intel senior vice president, and general manager of the group. James said: "Hardware enhanced security will lead to breakthroughs in effectively countering the increasingly sophisticated threats of today and tomorrow. This acquisition is consistent with our software and services strategy to deliver an outstanding computing experience in fast-growing business areas, especially around the move to wireless mobility."
Paul Otellini, Intel president and ceo, added: "With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online. In the past, energy efficient performance and connectivity have defined computing requirements. Looking forward, security will join those as a third pillar of what people demand from all computing experiences."
McAfee is the world's largest dedicated security technology company with approximately 6100 employees and revenue in 2009 reaching $2bn in revenue in 2009.
Author
Chris Shaw
Supporting Information
Websites
http://www.intel.com
http://www.mcafee.com
Companies
Intel Corporation
McAfee International Ltd
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