Intel Spins out Security Group

Rick Merritt
9/7/2016 07:30 PM EDT

SAN JOSE, Calif. – Intel Corp. will sell 51% of its security group to a private equity company for $3.1 billion in cash, spinning it off as an independent company to be called McAfee. Under former chief executive Paul Otellini, the x86 giant bought McAfee in 2010 for $7.68 billion.

Intel will retain 49% ownership of the new company in a transaction valuing the business at $4.2 billion. In a written statement, Intel called the new company “one of the world’s largest cybersecurity companies.”

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