Intel Sells Majority Stake in Cyber-Security Business
"We believe that McAfee will thrive as an independent company," TPG co-founder and co-CEO Jim Coulter said in a statement. "With TPG's investment, along with continued support from Intel, McAfee will sharpen its focus and become even more agile in its response to today's rapidly evolving security sector."
The decision to spin out the cyber-security business dovetails with efforts other established tech vendors are making as they remake themselves to address an increasingly digital, cloud-based world. The same day Intel officials announced the move, Dell closed its $60 billion-plus acquisition of data storage giant EMC and its multiple federated companies—including VMware—while Hewlett Packard Enterprise CEO Meg Whitman said her company was spinning out much of its software business and merging it with Micro Focus.
It also comes as John McAfee, who founded the namesake security software company but sold most of his interest in it in 1991, is suing Intel for the right to use his name for another company. McAfee earlier this year became chairman and CEO of MGT Capital Investments and wants to change the company's name to John McAfee Global Technologies, but was told by Intel officials that doing so would infringe on the trademark owned by the chip maker.