Intel, the world's largest chip maker, announced today that it has entered into a definitive agreement to acquire security firm McAfee by purchasing the company's common stock at $48 per share. That works out to about $7.68 billion for a deal that was unanimously approved by both boards of directors.
"With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online," said Paul Otellini, Intel president and CEO. "In the past, energy-efficient performance and connectivity have defined computing requirements. Looking forward, security will join those as a third pillar of what people demand from all computing experiences.
“The addition of McAfee products and technologies into the Intel computing portfolio brings us incredibly talented people with a track record of delivering security innovations, products and services that the industry and consumers trust to make connecting to the Internet safer and more secure,” Otellini added.
What exactly Intel plans to do with this high dollar acquisition remains to be seen, but the chip maker did say it would be "introducing a product from our strategic partnership next year." Intel also talked up the importance of securing Internet connected devices and wireless mobility, hinting that future products will go beyond the desktop.