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Intel to acquire McAfee for $7.68 billion |
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Intel Corporation has agreed to acquire McAfee, Inc. by purchasing all of the company’s common stock at $48 per share in cash, valuing the deal at approximately $7.68 billion. The boards of directors of both companies have unanimously approved the deal, which is subject to the usual closing conditions including McAfee shareholder approval and regulatory clearances. Founded in 1987, McAfee is based in Santa Clara. The company had revenue of around $2 billion in 2009, and an employee base of 6,100. In a joint statement on each company's website, both companies said that the acquisition reflects that security is now a fundamental component of online computing. The premise seems to be that the contemporary security approach does not completely address the billions of new Internet-ready devices connecting, including mobile and wireless devices, TVs, cars, medical devices and ATM machines as well as the accompanying surge in cyber threats. Hence, though the acquisition, the companies intend to come up with a fundamentally new approach that takes into account software, hardware and services that covers the diverse online world. Intel said that it has elevated the priority of security to be on par with its strategic focus areas in energy-efficient performance and Internet connectivity. McAfee, post the acquisition, 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. In recent times, Intel has made a series software acquisitions, include gaming, visual computing, embedded device and machine software and now security companies. Intel said it expects the acquisition to be slightly dilutive to earnings in the first year of operations and approximately flat in the second year. Goldman Sachs & Co. and Morrison & Foerster LLP were advisors to Intel on the transaction, while McAfee was advised by Morgan Stanley & Co. Inc. and Wilson Sonsini Goodrich & Rosati, P.C. |
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