Intel announced that it plans to sell the majority of Intel Security's (formerly McAfee) shares to TPG, a US investment firm.
Intel will be promoted separately from the Intel Security division as a new standalone company with an initial value of $4.2 billion .
Intel will receive $3.1 billion from TPG and will retain 49 percent of the shares after the transaction is completed. TPG will receive the majority of the shares at 51 percent and will invest an additional $1.1 billion in the new company, which will return again to McAfee.
Intel stated that the senior vice president and general manager of Intel Security, Chris Young, together with the existing management team will continue to retain their roles in the new company.
“The new company will be one of the largest companies in the world dedicated to cybersecurity,” Intel said in official press release . Intel Security’s current strengths include endpoint and cloud security products.
Intel purchased McAfee from its creator, the charismatic John McAfee , and his partners for $7.68 billion in January 2011. Intel renamed the company Intel Security in early 2014, after several encounters by McAfee with law enforcement in Belize and Guatemala had begun to damage the McAfee brand.
Last week, John McAfee sued Intel over the right to use the trademark in a new company he runs, claiming that Intel is no longer using the trademark and that this is his real name.
