McAfee Corp. (NASDAQ:MCFE; the “McAfee”), a global leader in online protection, today announced the completion of its acquisition by a group of investors led by Advent International Corporation (the “Advent”) and funds advised by Permira, Crosspoint Capital Partners LP (the “Crosspoint”), Canada Pension Plan Investment Board (the “CPP Investments”), GIC Private Limited (the “GIC”) and a wholly owned subsidiary of Abu Dhabi Investment Authority (the “ADIA”) (collectively, the “Investor Group”).
“ We are very excited about this acquisition and working with the Investor Group to further strengthen our market leadership position as we continue to deliver world-class online protection services to millions of consumers globally,” said Peter Leav, President and CEO of McAfee. “ This acquisition is made possible by the exceptional contributions of our employees as well as the partnership between TPG and Intel over the past four years. We look forward to our next chapter as a privately held company, dedicated to the consumer and with the support and experience of the Investor Group”, said Leav.
As part of the transaction, Bruce Chizen, a senior advisor to Permira, will become chairman of McAfee’s board of directors. Chizen said: “ The need for customized, innovative and intuitive online protection services has never been greater, and McAfee is poised to meet this demand and continue to build on its leading technology platform and loyal customer base. I am grateful to be on the board and look forward to contributing to the company’s undoubted next stage of success.”
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“ As consumers navigate an increasingly sophisticated and complex cybersecurity landscape, they turn to McAfee again and again,” said Bryan Taylor, chief technology officer and managing partner at Advent in Palo Alto, California. “ The McAfee brand is synonymous with trust and protection. We are excited to build on the company’s reputation for quality, excellence and innovation to help it reach new heights.”
Brian Ruder, Permira’s Chief Technology Officer, commented, “ Today marks the beginning of an exciting chapter for McAfee, and we’re excited to be a part of it. As a board member, Bruce brings decades of experience leading and growing global technology brands. He has been a CEO at Adobe and a board member at Oracle and Synopsys, among others. Together with our investment partners and the talented team at McAfee, we will help the company grow and strengthen its operations, further improving the security of the digital lives of consumers worldwide.”
Greg Clark, managing partner of Crosspoint Capital and former CEO of Symantec, also joins McAfee’s board of directors. “ We believe this is an excellent opportunity for McAfee to expand its leadership position in protecting citizens from cybercrime. We look forward to partnering with the McAfee management team and the Investor Group to deliver what we believe is a truly unique opportunity in digital cybersecurity.”
On November 8, 2021, the Investor Group announced the acquisition of all outstanding shares of McAfee common stock for US$26.00 per share in an all-cash transaction exceeding US$14 billion. As a result of the transaction, McAfee ceases to be a publicly traded company. McAfee has notified NASDAQ of the completion of the acquisition and has requested that NASDAQ file a notice to remove its listing with the Securities and Exchange Commission on behalf of McAfee.
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