Intel Spinning Off McAfee to TPG in $4.2 Billion Deal

Intel and TPG agreed to form a jointly owned, independent cybersecurity company with the McAfee name, the companies said in a Wednesday news release. McAfee is an Intel subsidiary, but after the proposed $4.2 billion deal, TPG will own 51 percent of McAfee and Intel the rest, they said. TPG agreed to make a $1.1 billion equity investment. Intel Security general manager Chris Young will be CEO of the new McAfee, the companies said. The transaction is expected to close in Q2, subject to regulatory approvals and closing conditions, they said.