Majority stakes from Intel’s McAfee unit are in process of selling and the company intends to turn it back into an independent security company. The investment firm TPG will hold 51 percent of the stake in the new McAfee Company according to the new deal. While the outstanding stakes will remain with Intel. Intel acquired McAfee back in 2011 for $7.7 billion which made a ripple in the industry. According to the current deal, Intel is receiving a $3.1 billion.
The company has intentions to improve security around its products apart from its main role as a chip manufacturer. Intel took this step because currently, the cyber-threats are shifting targets towards the servers and cloud. The loss is not too much for the company provided it used McAfee’s resources at the time of need and McAfee has a very little to do with the cloud. Amongst the crashing PC sales, the company is working to restructure its business. 12,000 jobs will be cut announced the company in April.
Intel said in a comment the new McAfee Company will be one of the largest standalone cybersecurity company in the world and will be valued around $4.2 billion. The new company will be led by Chris Young, the general manager for Intel Security.