Intel to acquire McAfee for about $7.68 billion

BANGALORE (BestGrowthStock) – Intel Corp (INTC.O: ) said it would acquire McAfee in a deal valued at approximately $7.68 billion.

Intel said McAfee will operate as a wholly-owned subsidiary, reporting into Intel’s software and services group.

Intel purchased all of McAfee’s common stock for $48 per share in cash.

Highlights:

* Sees the combination to be slightly dilutive to earnings in the first year of operations

* Was advised by Goldman Sachs & co. and morrison & foerster llp

* Says both boards of directors have unanimously approved the deal

* McAfee was advised by Morgan Stanley & co. inc. and wilson sonsini goodrich & rosati, p.c.

* Sees the combination to be approximately flat in the second year on a GAAP basis

* On a non-GAAP basis, excluding one-time write down of deferred revenue deal to be slightly accretive in first year

Intel to acquire McAfee for about $7.68 billion