McAfee, the US-based cyber-security company, has reportedly announced that it plans to sell the firm to a group of investors through a S$18.9 billion (US$ 14 billion) deal, just a year after it went public.
According to reports, the consortium, managed by Advent International Corporation as well as Permira Advisers will effectively pay US$12 billion in cash for all outstanding shares of McAfee, with the total cost going up to over US$14 billion after the firm's debt is included.
Supposedly, the investors also include entities such as Singapore sovereign wealth fund GIC, Crosspoint Capital Partners, CPP Investments, as well as a division of the sovereign wealth fund of Abu Dhabi Investment Authority .
The sale is the newest chapter in the corporation's history, which began in 1987; when it was established by cybersecurity pioneer, John McAfee, who is also what the antivirus program is named after.
The cyber-security organization went public in 1992, then back in 1999 after a merger, before it was acquired by Intel for $7.7 billion in 2011 and delisted.
Succeeding a rather chaotic merging process, Intel broke McAfee off from its main field of business in 2016, keeping a sizable stake in the firm but yielding control to investment company TPG Capital.
In October 2020, McAfee jumped back into the stock market, capitalizing on the flourishing cyber-security industry. After reporting successive losses for numerous years, the company seems to be determined to turn profit this year.
The firm's name is still connected to that of its founder, who died in a Spanish prison last June at the age of 75 while awaiting deportation to the United States on tax fraud allegations.
In 1994, the businessman and programmer, who had turned into more of a cryptocurrency guru until his death, seemingly resigned from the organization.