Intel to Buy McAfee for $7.7 Billion In Cash
On Thursday, Intel entered an agreement to buy tthe security software giant McAfee for $7.7 billion in cash. With this deal, Intel hopes to expand the security department of the company. The deal states that Intel will pay $48 per share of McAfee, a 60 percent increase of $29.93, their closing stock price on Wednesday.
“In the past, energy-efficient performance and connectivity have defined computing requirements,” Paul Otellini, Intel’s CEO said in a statement. “Looking forward, security will join those as a third pillar of what people demand from all computing experiences.”
With its purchase of McAfee, Intel is entering the tech security market, one that is expected to grow quickly. Based in Santa Clara, California, McAfee reported about $2 billion in profit last year.
