Wednesday, September 7, 2016

Intel To Spin Out McAfee As Independent Company

Santa Clara-based Intel said on Wednesday afternoon that it will spin out a new, cybersecurity firm--under the McAfee name--in a deal with private equity investor TPG. The company said the new, independent company--valued at $4.2 billion--will be jointly owned, with TPG owning 51 percent of the new company, and Intel owning the remaining 49 percent. Intel said the new company will be led by current Intel senior vice president and Intel Security general manager Chris Young and his existing management team. TPG will invest $1.1 billion in the company to help it become a standalone business.