Advent International and Permira-led investor group complete acquisition of McAfee

Advent International and Permira-led investor group complete acquisition of McAfee-01

McAfee (NASDAQ: MCFE), a global leader in online protection, today is a fund managed by Advent International Corporation (“Advent”), Permira. , Crosspoint Capital Partners (“Crosspoint”), Canada Pension System Investment Commission (“CPP Investments”), GIC Private Limited (“GIC”), Abu Dhabi Investment Authority’s wholly owned subsidiary (“ADIA”) Announced that the acquisition by the leading investor group (collectively “Investor Group”) has been completed.

McAfee President and CEO Peter Reeve said: “This acquisition, as well as working with a group of investors to further strengthen our market-leading growth potential in delivering world-class online protection services to millions of consumers worldwide, is a challenge. We are pleased to say that this acquisition was made possible by the significant contributions of our employees, as well as the partnership with TPG and Intel over the past four years. With the support and expertise of a group of investors, we are now in the consumer business. We look forward to the next chapter of our company as a private company to focus on. ”

As part of the transaction, Permira’s Senior Advisor Bruce Chisen will become Chairman of the Board of McAfee. Chisen said: “The need for personalized, innovative and intuitive online protection services is higher than ever, and McAfee can meet these demands and continue to build pioneering technology platforms and loyal customer bases. We are in an ideal situation. It is a great pleasure to join the company’s board of directors and we look forward to contributing to its unquestionable next stage of success. ”

Also Read:Pulumi Business Critical Edition Addresses Rising Demand for Enterprise Modernization

Brian Taylor, Head of Technology Investment Team at Advent and Managing Partner at Palo Alto, said: “ Consumers are constantly relying on McAfee to meet the increasingly sophisticated and complex cybersecurity environment. The McAfee brand is synonymous with trust and protection. The company’s reputation for quality, excellence and innovation. We are very pleased to help you reach new heights by further strengthening your foundation. ”

Brian Ruder, Co-Head of Technology Team at Permira, said: “Today marks the beginning of an exciting chapter for McAfee and we are very pleased to be involved in it. Chisen will be appointed to the board of directors in a variety of positions, including Adobe CEO, Oracle and Synopsis. With decades of experience leading and achieving growth in global technology brands, we work with our investment partners and McAfee’s talented team to expand and strengthen McAfee’s business. We will support and further improve the security of the digital life of consumers around the world. ”

Greg Clark, Managing Partner of Crosspoint Capital and former CEO of Symantec, will also be McAfee’s board of directors. “ We believe there is a great opportunity for McAfee to further expand its leadership position in protecting people from cybercrime. In collaboration with McAfee management and a group of investors, it is exactly in digital cybersecurity. We look forward to realizing unique opportunities. ”

On November 8, 2021, the Investor Group announced that it would purchase all of McAfee’s outstanding common stock for $ 26.00 per share, for a total of just over $ 14 billion in cash. With this transaction, McAfee will be a privately held company. McAfee reported the completion of the acquisition to NASDAQ and requested that McAfee submit a delisting notice to the Securities and Exchange Commission.

For more such updates follow us on Google News ITsecuritywire News. Please subscribe to our Newsletter for more updates.