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McAfee To Be Taken Over By Advent-Led Group In $14 Billion Deal

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McAfee Corp will be taken over by a consortium led by Introduction InternationalMcAfee Corp stated on Monday a consortium led by US personal equity firm Advent International will take the cyber security business personal in a $14 billion deal.The offer comes as a pandemic-driven shift to remote working and a rise in cyber attacks have spurred need for antivirus and digital security software.The company, established by US technology business owner John McAfee in 1987, was the very first to bring to market an industrial anti-viruses.

Intel bought it in 2011, when Mr McAfee himself no longer had any involvement.In the last few years, McAfee has reinforced its primary cybersecurity software organization that focuses on retail consumers through rate boosts, new partner programs and excellent retention rates.As part of the deal, the investor group will get all exceptional shares of McAfee common stock for $26 per share in an all-cash offer that values McAfee at about $12 billion on an equity basis.

The purchase rate represents a premium of 22.6 percent over McAfee's closing share cost of $21.21 on November 4, the last trading day prior to the Wall Street Journal reported about the offer talks.Shares of the San Jose, California-based business, which made its market launching last year, were down more than 3 per cent at $25.36 in premarket trading, slightly below the deal price.In a comparable handle August, US cybersecurity business Norton LifeLock Inc had accepted purchase London-listed competing Avast Plc for approximately $8.6 billion to develop a leader in customer security software.The Advent-led consortium also consists of private equity firms Permira Advisers LLC, Crosspoint Capital Partners and Canada Pension Investment Board among others.

Goldman Sachs - & Co LLC and Morgan Stanley - & Co LLC are the financial advisors to McAfee.




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