Intel completes $7.68 bn buyout of McAfee

The world's largest chip-maker, Intel Corp, today announced the completion of its $7.68 billion acquisition of security software company McAfee.

"... The acquisition of McAfee Inc is complete," the company said in a statement.

Under the terms of the agreement,  McAfee would become a wholly-owned subsidiary of Intel and would continue to develop and sell security products and services under its own brand.

Both the companies have a good presence in India.

In August last year, Intel said it will acquire McAfee in an all-cash deal worth $7.68 billion that will bolster the chip-maker's computing portfolio, especially in terms of wireless mobility offerings.

As a wholly-owned subsidiary of Intel, McAfee will be under Intel's Software and Services Group. The group is managed by Intel Senior Vice-President and General Manager Renee James.

"McAfee plan to bring the first fruits of their strategic partnership to market later this year, with the intent of tackling security and the pervasive nature of computing threats in an entirely new way," Intel said.

McAfee, which employs about 6,100 employees, offers a suite of software-related security solutions, including McAfee Antivirus and McAfee Firewall, with many products targeted at mobile devices such as smart phones.