Chip giant Intel Corporation (Nasdaq: INTC) is acquiring security firm McAfee (NYSE: MFE) in an all-cash deal worth nearly $7.7 billion.
The boards of firms have already agreed to the deal.
The cash price of $48 per share represents a $20 premium for McAffe shareholders.
Intel Corp., which is based in Santa Clara, Calif., said the deal highlights “that security is now a fundamental component of online computing.”
“With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online,” said Paul Otellini, Intel’s CEO in a statement.
“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.
“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.
The deal still requires McAfee shareholder approval and regulatory clearances.
McAfee is also based in Santa Clara.
“The cyber threat landscape has changed dramatically over the past few years, with millions of new threats appearing every month,” said Dave DeWalt, president and CEO of McAfee. “We believe this acquisition will result in our ability to deliver a safer, more secure and trusted Internet-enabled device experience.”
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