Intel will retain a 49% stake in anti-virus provider.
Anti-virus software provider McAfee has began operating as a standalone company following the completion of a stake purchase by TPG.
Last year, Intel entered into an agreement with private equity firm TPG to sell 51% in McAfee, which was acquired by the chipmaker nearly seven years ago. In 2014, Intel renamed McAfee as Intel Security following the $7.68bn acquisition.
But the company has now regained its old name after the close of the transaction that sees Intel retain a 49% equity stake in the new entity.
According to industry watchers, it was one of the worst acquisitions of the chip major in recent times.
McAfee CEO Christopher Young said: “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.”
Holding over 1,200 security technology patents, McAfee employs more than 7,500 cybersecurity professionals.
McAfee announced that a private equity firm Thoma Bravo has become a minority investor in the company through an agreement with TPG.
The company will be led by Intel senior vice president and general manager Chris Young, while TPG Partner Bryan Taylor will act as chairman of the board.
Intel CEO Brian Krzanich said: “Security remains important to Intel, and in addition to our equity position and ongoing collaboration with McAfee, Intel will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices.”
Originally the idea behind the McAfee acquisition was for Intel to build more security features into chips in addition to providing it with a potential route into personal computers.
In October last year, Intel Security launched new products which leverage cloud technologies, designed to protect devices against latest malware and other cyber threats.
The 2017 McAfee product line-up included McAfee AntiVirus Plus, McAfee Internet Security, McAfee Total Protection and McAfee LiveSafe
TPG Capital partner and McAfee chairman of the board Bryan Taylor said: “We look forward to working with the company and our partners to accelerate growth and continue building a leading cybersecurity platform that serves to protect customers in today’s changing environment.”