The ambulance chasing lawyers of the business world didn’t win. (I Never thought they would and the FTC approved the transaction back in December) Intel today announced that its $7.68 billion acquisition of McAfee is complete. In an announcement that surprised the market this summer, Intel entered into a definitive agreement to buy McAfee for $7.68 billion in cash, purchasing of all of the company’s common stock at $48 per share.
McAfee will continue developing and selling security products and services under its own brand. Intel and McAfee plan to bring the first fruits of their strategic partnership to market later this year, with the intent of tackling security and the pervasive nature of computing threats in an entirely new way.
Intel and McAfee believe today’s approach to security does not adequately address the billions of new Internet-ready devices, including PCs, mobile and wireless devices, TVs, cars, medical devices and ATM machines. With the surge in cyber threats, providing protection to a diverse online world requires a fundamentally new approach involving software, hardware and services. Together the two companies will work to help people more securely take full advantage of the potential of computing and connectivity.
McAfee will operate as a wholly-owned subsidiary of Intel, reporting into Intel’s Software and Services Group managed by Renée James, Intel senior vice president, and general manager. McAfee’s president, Dave DeWalt, will report to James.
“In the past, energy-efficient performance and Internet connectivity have defined computing requirements,” said James. “Intel has added security as a third pillar of what people demand from their experiences with personal computers and other connected devices. Security challenges put the future potential of computing at risk.
