The Silicon Valley giant will pay $48 for each share of McAfee, a 60% premium to Wednesday's closing price. The stock last traded at that level in 1999.
Intel's acquisition of McAfee, the company's largest-ever purchase, seeks to help the company expand into two new markets: smartphones, and the myriad electronic devices such as billboards, automated teller machines and others known as "embedded systems," that are increasingly connecting to the Internet, providing more personalized and interactive features.
This isn't the first acquisition of a software company that Intel has made in the past few years. In 2007, the company bought Havok, the company responsible for the popular video-game physics engine of the same name. Then last year it acquired Wind River Systems, who develops embedded software and middleware for a variety of uses.
Intel senior VP Renée James commented that "hardware-enhanced security will lead to breakthroughs in effectively countering the increasingly sophisticated threats of today and tomorrow."
She added that "this acquisition is consistent with our software and services strategy to deliver an outstanding computing experience in fast-growing business areas, especially around the move to wireless mobility".
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Intel To Buy Security Firm McAfee For $7.68B
Re: Intel To Buy Security Firm McAfee For $7.68B
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