TPG to Buy Intel’s McAfee Security Unit in $4.2B Deal

TPG, the alternative-asset manager that oversees $70 billion, agreed to acquire a majority stake in Intel Corp.’s computer-security unit in a deal that values the business at $4.2 billion including debt.

TPG will own 51 percent of the company, known as McAfee, while Intel will have a 49 percent stake in the spin-out, according to a statement Sept. 7. The company will be led by Chief Executive Officer Chris Young, currently a senior vice president at Intel and general manager of its security unit.

Intel is offloading the anti-virus software unit as part of a strategy to focus on its ...