Intel said Thursday it plans to acquire security vendor McAfee in a cash deal valued at about $7.68 billion and aimed at enhancing the chip maker's mobile strategy.
Both boards of directors have approved the deal, and McAfee is expected to become a subsidiary within Intel’s Software and Services Group.
"Hardware-enhanced security will lead to breakthroughs in effectively countering the increasingly sophisticated threats of today and tomorrow," said Renée James, Intel senior vice president, and general manager of the group.
McAfee generated approximately $2 billion in revenue in 2009, and has about 6,100 employees.
The deal is expected to close after McAfee shareholder approval and regulatory clearances.