CHIPMAKER Intel has finally reversed its 2011 acquisition of security specialist McAfee by completing the sale of a 51 per cent stake in the company to US-based investment firm TPG Capital.
McAfee had cost the semiconductor giant $7.7bn back in 2011 and subsequently rebranded it as Intel Security in 2014. At the time, the company claimed that it complemented Intel's product line as security had become central to computing.
An intensification of competition in the chip-making market, however, led to a re-assessment of that strategy.
"The launch of McAfee marks the closing of the previously announced investment by TPG and Intel Corporation to establish a pure-play cybersecurity company with access to significant capital, operational and technology resources," claimed Intel in a statement.
As part of the deal, signed in September 2016 but only finally completed this week, Intel gets $4.2bn in cash in exchange for the 51 per cent stake and retains ownership of 49 per cent of the company.
McAfee, meanwhile, gets a new investor alongside TPG in the form of Thoma Bravo, a private equity investor with scores of software and technology companies in its sizeable portfolio.
"Cybersecurity is the greatest challenge of the connected age, weighing heavily on the minds of parents, executives and world leaders alike," said Christopher Young, McAfee's CEO.
"As a standalone company with a clear purpose, McAfee gains the agility to unite people, technology and organisations against our common adversaries and ensure our technology-driven future is safe."
Besides the name change, it appears to be business as usual for McAfee for the immediate future, with no plans to change the leadership of the company or any of its products.
It currently has around 7,500 staff around the world and holds more than 1,200 patents around the security sector. µ
Plus your triple freebie app store link
Justine Greening and Greg Clark among those affected
A whole new take on 'cord-cutters'
Surely everyone can get a long?