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Intel to buy McAfee for $7.68 billion
NEW YORK — Intel Corp. said on Thursday it is buying computer-security software maker McAfee Inc. for $7.68 billion as the chip-maker adds to its arsenal of tools to serve an increasing array of Internet-connected devices, including mobile phones.
The $48-per-share price represents a 60 per cent premium over McAfee’s Wednesday close of $29.93. McAfee shares surged 58 per cent after the deal was announced on Thursday to hit $47.42 in premarket trading. Intel shares slipped 2.5 per cent to $19.11.
Intel, which is based in Santa Clara, California, said security is now a fundamental component of online computing, but today’s approach to security isn’t adequate for the growing availability of Internet connections on mobile phones, medical devices, ATMs, automobiles and elsewhere.
The industry needs a new approach that combines software, hardware and services to meet tomorrow’s needs, the company said.
“With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online,” Intel CEO Paul Otellini said. —
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