McAfee Corp said on Monday that a consortium led by Advent International, a private equity group based in the United States, will purchase the cyber security business for $14 billion.
John McAfee created McAfee in 1987 and became well-known for its computer antivirus software. McAfee, the founder, departed McAfee, the firm, in 1994, and it was bought by Intel for $7.68 billion in 2010. Intel said in 2014 that it will phase out the McAfee brand name for security software and rename it as “Intel Security.”
The corporation re-entered the public stock market in October of last year. McAfee stated in the statement that it will remain a “pure-play consumer cybersecurity” company after selling its Enterprise division to private equity firm Symphony Technology Group in July for $4 billion.
The sale to the investment group, which comprises Advent-led International Corp. , Permira Advisers, and Crosspoint Capital Partners, is slated to conclude in the first half of 2022, according to the business.
The buyout price is 22.6 percent more than McAfee’s closing share price of $21.21 on Nov. 4, the penultimate trading day before the Wall Street Journal reported on the discussions.
The agreement comes at a time when a pandemic-driven trend to remote working and an increase in cyber threats are driving up demand for antivirus and digital security products.
ARTICLE SOURCES
Brain Tech Solution compels authors to rely on original sources to back up their claims. White documents, government statistics, original reporting, and interviews with industry experts are among them. Where applicable, we also cite original research from other credible publishers. In our editorial policy, you can learn more about the criteria we use to provide accurate, balanced information.
- TV News, Accessed Nov 8, 2021.
- Newspapers, Accessed Nov 8, 2021.
