Intel Corp. (INTC) has confirmed a deal to spin-off the McAfee security unit as an independent company. TPG Capital is involved.
Under terms of the deal:
The chip giant acquired McAfee for $7.6 billion in 2011, so the current deal's terms shows nearly a 50 percent drop in valuation over the past five years.
Rumors about efforts to sell the security business surfaced in June 2016. A shortlist of potential buyers surfaced around July 2016. But TPG emerged as the leading buyout candidate in media reports last week.
Despite the ownership uncertainty, the Intel Security channel team has been working overtime to maintain partner loyalty. Partners have been hoping the deal is finalized -- or at least announced -- before Intel FOCUS, the company’s security event for partners and customers in November.
