Intel to Buy McAfee for $7.68 Billion

Paul Otellini, Intel's CEO, said the merger comes as online security becomes a growing concern among business and government agencies.

Intel Corp. will acquire Internet security firm McAfee, Inc. for $7.68 billion, the computer chip giant said on August 19.

In a statement, Intel said it has entered into a definitive agreement to purchase all of McAfee's common stock at $48, in cash.

Boards of directors for both companies have unanimously approved the deal, which still is subject to approval from regulatory authorities.

Paul Otellini, Intel's CEO, said the merger comes as online security becomes a growing concern among business and government agencies.

"The addition of McAfee products and technologies into the Intel computing portfolio brings us incredibly talented people with a track record of delivering security innovations, products and services that the industry and consumers trust to make connecting to the Internet safer and more secure," Otellini said.

Copyright Agence France-Presse, 2010

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