Intel to spin out cybersecurity unit, sell stake in business to TPG

Reuters News
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Posted: Sep 07, 2016 4:25 PM

(Reuters) - Intel Corp <INTC.O> said it would spin out its cybersecurity division and sell a majority stake in it to investment firm TPG for $3.1 billion in cash.

TPG will own 51 percent of the new entity, valuing it at $4.2 billion.

The unit, previously known as McAfee, will be renamed McAfee after the close of the transaction.

Intel bought McAfee for $7.7 billion in 2011.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)