Intel buys McAfee for $7.6 billion
Intel to buy McAfee to add security 'third pillar' to computing development
Intel has announced that it will buy security company McAfee, for $7.68 billion.
The deal, which values McAfee at $48 per share, a 60% premium, has been approved by both boards, and is subject to regulatory approval.
Intel CEO Paul Otellini said that the deal will give Intel a ‘third pillar' in computing, to complement its drives for power efficiency and connectivity, in future computing models.
"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," Otellini said in a statement.
"The addition of McAfee products and technologies into the Intel computing portfolio brings us incredibly talented people with a track record of delivering security innovations, products and services that the industry and consumers trust to make connecting to the Internet safer and more secure," he added.
McAfee will operate as a wholly-owned subsidiary of Intel, under its Software and Services Group. The two companies will also work together to explore future product concepts, to strengthen security across computing models.
David DeWalt, CEO of McAfee, wrote in a company blog that the deal would help to develop new ways of securing different types of device, to provide a more robust model of security than is possible at present.
"This is incredibly exciting to me as it reflects what we at McAfee have been saying for some time: security is a fundamental component of modern computing and it is increasingly relevant in a completely connected world. Intel's agreement to acquire McAfee underscores that," he wrote.
"The current cybersecurity model isn't extensible across the proliferating spectrum of devices - providing protection to a heterogeneous world of connected devices requires a fundamentally new approach to security. The industry needed a paradigm shift, incremental improvements can't bridge the opportunity gap," DeWalt added.
"There is no better partner that we could have found than Intel. They share our vision for security and they share our vision of a connected world. Working together we'll be far stronger globally and able to make a much bigger difference in people's lives," he said.