- Jan 24, 2011
- 9,378
Intel announced today plans to sell off a majority stake in Intel Security (formerly McAfee) to TPG, a US investment firm.
Intel will be branching out the Intel Security division into a new standalone company with an initial value of $4.2 billion.
Intel will receive $3.1 billion from TPG and will keep a 49 percent stake after the transaction's completion. TPG will receive a majority stake of 51 percent, and will invest a further $1.1 billion in the new company, which will be renamed back to McAfee.
Intel said that senior vice president and Intel Security general manager Chris Young, along with the existing management team would continue in their roles at the new company.
"The new company will be one of the world’s largest pure-play cybersecurity companies," Intel said in its official press release. Intel Security's current strong points include endpoint and cloud security products.
Read more: Intel Spins Off McAfee as Standalone Company for $3.1 Billion
Intel will be branching out the Intel Security division into a new standalone company with an initial value of $4.2 billion.
Intel will receive $3.1 billion from TPG and will keep a 49 percent stake after the transaction's completion. TPG will receive a majority stake of 51 percent, and will invest a further $1.1 billion in the new company, which will be renamed back to McAfee.
Intel said that senior vice president and Intel Security general manager Chris Young, along with the existing management team would continue in their roles at the new company.
"The new company will be one of the world’s largest pure-play cybersecurity companies," Intel said in its official press release. Intel Security's current strong points include endpoint and cloud security products.
Read more: Intel Spins Off McAfee as Standalone Company for $3.1 Billion
