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Intel Snaps Up McAfee

8/19/2010 09:31:35 AM Eastern

Santa Clara, Calif. - Intel announced this morning it is buying
Internet security software maker McAfee for $7.7 billion.

The deal has received approval of both company's boards and is
expected to close after it receives approval from McAfee's shareholders and
regulatory clearances.

Intel said the acquisition reflects the growing need for computer
security, particularly among the many new Internet-ready mobile and wireless

McAfee will become a wholly owned subsidiary of Intel, and it
will report to Intel's software and services group.

"Hardware-enhanced security will lead to breakthroughs in
effectively countering the increasingly sophisticated threats of today and
tomorrow," said Renée James, Intel senior VP/GM of the software and services group.

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