
Intel reached an agreement with TPG, a private investment fund, to spin out its security division as a newly formed, jointly-owned, independent cybersecurity company.
The new company will be called McAfee, its former name. Chris Young will be appointed CEO of the new company upon closing of the transaction.
TPG will own 51 percent of McAfee and Intel will own 49 percent in a transaction valuing the business at approximately $4.2 billion. TPG is...