Security juggernaut McAfee is set to be acquired by a group of private investors for $14 billion, according to a press release on the company’s website. The investor group includes Advent International Corporation, Permira Advisers LLC, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Limited, and a subsidiary of the Abu Dhabi Investment Authority. Upon completion of the acquisition, the investor group will take ownership of the company and make it private.
In the company’s press release, McAfee President and Chief Executive Officer Peter Leav stated: “This transaction is a testament to McAfee’s market-leading online protection solutions, our talented employees, and outstanding customers and partners. We want to thank our employees for their continued hard work and commitment to McAfee. We are thrilled to be partnering with premier firms who truly understand the cybersecurity landscape and have a proven track record of success.”
Established in 1987 by John McAfee, McAfee quickly positioned itself as a force to be reckoned with in the security space with its set of cybersecurity products. Though its reputation over the years has suffered thanks to efficacy issues and the controversies surrounding its founder, its influence on cybersecurity technologies cannot be understated. This latest acquisition and move to private ownership indicates how the company continues to be a major player in the industry.
TPG Chief Executive Officer and Chair of the McAfee Board added: “Today’s announcement signals continued growth and opportunity for McAfee. Over the last four years, the company has expanded its product portfolio, enhanced its go-to-market strategy, and pursued strategic M&A, including the divestiture of its enterprise business. We’re proud that today McAfee is a leading consumer cybersecurity franchise, protecting the digital lives of 20 million subscribers across the globe.”
Learn more about the McAfee acquisition here.