Advent International, Permira-led Investor Group completes McAfee acquisition

KUALA LUMPUR, March 2 -- McAfee Corp (McAfee), a global leader in online protection, has announced completion of its acquisition by an investor group.

The group is led by Advent International Corporation (Advent) and funds advised by Permira, Crosspoint Capital Partners L.P. (Crosspoint), Canada Pension Plan Investment Board (CPP Investments), GIC Private Limited (GIC), and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) (collectively, the Investor Group).

“We are very excited about this acquisition and working with the Investor Group to further strengthen our market leading growth position as we continue to deliver world-class online protection services to millions of consumers globally,” said McAfee President and Chief Executive Officer, Peter Leav.

“This acquisition is made possible because of the outstanding contributions from our employees, as well as the partnership from TPG and Intel over the last four years. We are looking forward to our next chapter as a privately held, dedicated consumer business with the support and expertise of the Investor Group.”

As part of the transaction, Bruce Chizen, Senior Advisor at Permira, will become Chairman of McAfee’s Board of Directors, according to a statement.

“I am grateful to be joining the Board and look forward to contributing to the company’s undoubtable next stage of success,” said Chizen.

Also joining McAfee’s Board of Directors is Greg Clark, Managing Partner at Crosspoint Capital and former CEO of Symantec.

On Nov 8, 2021, the Investor Group announced the acquisition of all outstanding shares of McAfee common stock for US$26.00 per share in an all-cash transaction valued at over US$14 billion. (US$1 = RM4.194)

As a result of the transaction, McAfee is no longer a publicly traded company. McAfee has notified NASDAQ of the completion of the acquisition and requested that NASDAQ file a notification of delisting with the Securities and Exchange Commission on McAfee’s behalf.

More details at www.mcafee.com.

-- BERNAMA