Intel announced that it will separate its cybersecurity division, formerly known as McAfee, and will sell a majority stake in its investment company TPG for 3.1 billion dollars in cash, transmits Reuters.
TPG will own 51% of the new company, which will evaluate the whole company at 4.2 billion dollars as debts are included.
Intel, which acquired McAfee for 7.7 billion dollars in 2011, will retain the remaining 49% of the company.
The deal puts an end to Intel’s failure to gain a key position in the business of computer security. During the acquisition, Intel talked about the integration of security technology in its chips but met a small part of those plans.
Then the managers of Intel also said they hope the acquisition will give the company a share of the developing business for protecting companies from sophisticated attacks for espionage, but newer players like Mandiant, now a division of FireEye, began to dominate this market.
At the same time, sales of personal computers slowed, leading to a contraction in the traditional consumer base of McAfee.
The unit, which was rebranded to Intel Security Group in 2014, will return to the name McAfee after completion of the transaction, which is expected to happen in the second quarter of 2017.
Chris Young, Intel Security general manager, will become CEO of the new company.