McAfee has officially launched as a stand-alone cybersecurity firm after Intel (Nasdaq: INTC) completed the spinoff of the latter’s security business through an approximately $4.2 billion deal with private equity firm TPG.Chris Young, a senior vice president and general manager at Intel, will serve as CEO of McAfee and Bryan Taylor, a partner at TPG, will be chairman of the board, McAfee said Tuesday.
Intel owns 49 percent of the relaunched security business while private equity firm Thoma Bravo agreed with TPG to serve as a minority investor in the entity.
McAfee operates with approximately 7,500 employees and looks to expand its security platforms to help clients detect and respond to cyber threats as well as capture new operational, technology and financial investments to seek growth opportunities in the global cybersecurity market.
Young said McAfee will work to combine technology with people and organizations to help counter cyber adversaries.
Allen & Co. and Skadden, Arps, Slate, Meagher & Flom respectively served as Intel’s financial and legal advisers in the transaction.
Morgan Stanley & Co., UBS Investment Bank, Goldman Sachs and RBC Capital Markets acted as financial advisers to TPG and Thoma Bravo.
Ropes & Gray and Kirkland & Ellis respectively acted as legal advisers to TPG and Thoma Bravo on the deal.
