TPG, Intel Spin Out Intel Security As McAfee

Fort Worth-based private equity investor TPG and Intel announced Wednesday afternoon that the two companies are in a deal to spin out a new, cybersecurity firm from Intel. The two said the new company--which will be called McAfee--will be jointly owned, with TPG owning 51 percent of the new company, and Intel owning the remaining 49 percent. The business will value McAfee at $4.2 billion, according to the companies. Intel said the new company will be led by current Intel senior vice president and Intel Security general manager Chris Young and his existing management team. TPG will invest $1.1 billion in the company to help it become a standalone business.