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Intel to spin out cybersecurity unit, sell stake in business to TPG
September 7, 2016 / 8:26 PM / a year ago

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

Sept 7 (Reuters) - Intel Corp 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)

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