8 years, 6 months ago

Intel to spin out security unit, sell stake in business to TPG

Bengaluru/San Francisco/New York: Intel Corp said it would spin out its cyber security division, formerly known as McAfee, and sell a majority stake in it to investment firm TPG for $3.1 billion in cash. The unit, rebranded as Intel Security Group in 2014, will revert to the McAfee brand name following the closing of the deal, expected in the second quarter of 2017. Intel Security’s revenue rose 11% to $1.1 billion through the first half of this year, the company said in a statement. TPG, which is making a $1.1 billion equity investment in the company, first approached Intel’s board about a potential transaction for McAfee around a year ago, people familiar with the matter said.

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