U.S. Federal Trade Commission approves Intel's acquisition of McAfee

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U.S. Federal Trade Commission approves Intel's acquisition of McAfee

2010-12-22 16:20:17 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- Intel's proposed acquisition of security-software company McAfee Inc. for $7.68 billion has been approved by the U.S. Federal Trade Commission.

Intel, which is based in Santa Clara, California, is the world's largest chipmaker with 80 percent of the world's computers containing Intel chips. With the purchase of McAfee, also based in Santa Clara, the company is looking to create a chip with built-in security. It is also looking into boosting up security in other products.

The deal - which will mark Intel's biggest - had been previously agreed to in August and is expected to close next year.

Under the deal, Intel will pay $48 a share in cash per share, which represents 60 percent more than McAfee's closing price before the acquisition was announced.

According to reports, Intel will be running McAfee as an independent company under current CEO Dave DeWalt. Intel said it is still working with the European Commission as it currently reviews the purchase.

McAfee was founded in 1987 and is the world's largest dedicated security technology company with approximately $2 billion in revenue in 2009. Its products and technologies deliver secure solutions and services to consumers, enterprises and governments around the world.

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