Investor Group Led by Advent International and Permira Completes Acquisition of McAfee
McAfee Corp. (NASDAQ:MCFE, “McAfee”), a global leader in online protection, today announced the completion of its acquisition by an investor group 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,” said Leav.
As part of the transaction, Bruce Chizen, Senior Advisor at Permira, will become Chairman of McAfee’s Board of Directors. Chizen said: “The need for personalized, innovative, and intuitive online protection services has never been greater, and McAfee is ideally positioned to meet this demand and continue to build its leading technology platform and loyal customer base. I am grateful to be joining the Board and look forward to contributing to the company’s undoubtable next stage of success.”
“As consumers navigate the increasingly sophisticated and complex cybersecurity landscape, they turn to McAfee time and again,” said Bryan Taylor, Head of Advent’s Technology Investment Team and a Managing Partner in Palo Alto. “The McAfee brand is synonymous with trust and protection. We’re excited to help build on the company’s reputation for quality, excellence, and innovation to help it reach new heights.”
Brian Ruder, Co-Head of Technology at Permira, commented: “Today marks the start of an exciting chapter for McAfee, and we’re thrilled to be a part of it. As a Board member, Bruce brings decades of experience leading and growing global technology brands, including as CEO of Adobe and as a Board member of Oracle and Synopsys, among others. Together with our investment partners and McAfee’s talented team, we’ll help the company scale and strengthen its operations, further improving the security of consumers’ digital lives worldwide.”
Also joining McAfee’s Board of Directors is Greg Clark, Managing Partner at Crosspoint Capital and former CEO of Symantec. “We believe the opportunity is great for McAfee to expand its pole position in protecting citizens from cybercrime. We look forward to partnering with the McAfee management team and the Investor Group to deliver on what we believe is a truly unique opportunity in digital cyber safety.”
On November 8, 2021, the Investor Group announced the acquisition of all outstanding shares of McAfee common stock for $26.00 per share in an all-cash transaction valued at over $14 billion. 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.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to McAfee and Ropes & Gray and Moulton Moore Stella are serving as legal counsel. JP Morgan Securities LLC, BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Evercore and DBO Partners LLC are serving as financial advisors, with Bryant Stibel Group serving as strategic operating advisors to the Investor Group. Fried, Frank, Harris, Shriver & Jacobson are acting as M&A legal counsel and Kirkland & Ellis are acting as Finance legal counsel to the Investor Group.
The debt financing for the transaction was originally provided by JPMorgan Chase Bank, N.A., Bank of America, N.A., BofA Securities, Inc., Credit Suisse AG, Cayman Islands Branch, Credit Suisse Loan Funding LLC, Barclays Bank PLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., HSBC Bank USA, National Association, Royal Bank of Canada, RBC Capital Markets LLC, CPPIB Credit Investments Inc., UBS AG, Stamford Branch, UBS Securities LLC and PSP Investments Credit II USA LLC, and additional financial institutions were added prior to syndication.
McAfee Corp. (Nasdaq: MCFE) is a global leader in online protection for consumers. Focused on protecting people, not just devices, McAfee consumer solutions adapt to users’ needs in an always online world, empowering them to live securely through integrated, intuitive solutions that protect their families and communities with the right security at the right moment. For more information, please visit www.mcafee.com
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 390 companies across 42 countries, and as of September 30, 2021, had $86 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit Advent's tech website, www.adventtech.com, global website, www.adventinternational.com, or LinkedIn page, www.linkedin.com/company/advent-international
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with assets under management of approximately US$65bn (€58bn) and makes long-term majority and minority investments. The Permira funds have made approximately 300 private equity investments in four key sectors: Technology, Consumer, Services and Healthcare. The Permira funds have an extensive track record in tech investing, having invested US$17.1bn in 60 companies across enterprise cloud adoption, SaaS, fintech and online marketplaces. Permira employs over 360 people in 16 offices across Europe, North America, and Asia.
About Crosspoint Capital Partners
Crosspoint Capital Partners is a private equity investment firm focused on the cybersecurity, privacy, and infrastructure software markets. Crosspoint has assembled a group of highly successful operators, investors, and sector experts to partner with foundational technology companies and drive differentiated returns. Crosspoint has offices in Menlo Park, CA and Boston, MA. For more information visit: www.crosspointcapital.com.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2021, the Fund totaled C$550.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, we take a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Our long-term approach, multi-asset capabilities, and global connectivity enable us to be an investor of choice. We seek to add meaningful value to our investments. Headquartered in Singapore, we have a global talent force of over 1,800 people in 10 key financial cities and have investments in over 40 countries.
For more information, visit https://www.gic.com.sg/
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
For more information: https://www.adia.ae
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements.” Such forward-looking statements include statements relating to McAfee’s strategy, goals and future focus areas. These forward-looking statements are based on McAfee management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements, including: (a) risks related to disruption of management’s attention from McAfee’s ongoing business operations due to the merger (the “Merger”); (b) disruption from the Merger making it difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with McAfee’s customers, vendors and others with whom it does business; (c) significant transaction costs; (d) the risk of litigation and/or regulatory actions related to the Merger; (e) the possibility that general economic conditions and conditions and uncertainty caused by the outbreak of hostilities or the COVID-19 pandemic, could cause information technology spending to be reduced or purchasing decisions to be delayed; (f) an increase in insurance claims; (g) an increase in customer cancellations; (h) the inability to increase sales to existing customers and to attract new customers; (i) McAfee’s failure to integrate recent or future acquired businesses successfully or to achieve expected synergies; (j) the timing and success of new product introductions by McAfee or its competitors; (k) changes in McAfee’s pricing policies or those of its competitors; (l) developments with respect to legal or regulatory proceedings; (m) the inability to achieve revenue growth or to enable margin expansion; (n) changes in McAfee’s estimates with respect to its long-term corporate tax rate; and (o) such other risks and uncertainties described more fully in documents filed with or furnished to the SEC by McAfee, including under the heading “Risk Factors” in McAfee’s Annual Report on Form 10-K previously filed with the SEC on February 23, 2022. All information provided in this communication is as of the date hereof and McAfee undertakes no duty to update this information except as required by law.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Anna Epstein or Sophia Templin
Finsbury Glover Hering
+44 207 9594037
+44 774 7006407
Brooke Gordon/Megan Bouchier/Devin Broda
Sard Verbinnen & Co
Managing Director, Communications
Crosspoint Capital Partners:
+971 2 415 6085
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
HCL and UNLEASH Partner to Develop Solutions for Aquatic Ecosystem Conservation20.5.2022 17:59:00 CEST | Press release
HCL Group and UNLEASH, a global innovation program for the UN Sustainable Development Goals (SDGs), announced a year-long collaboration to mobilize youth and develop innovative solutions to promote aquatic ecosystem conservation. These solutions will aim to tackle challenges from Source (mountains & glaciers) to Sink (oceans and seas) and their links to terrestrial ecosystems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220520005178/en/ Nature and ocean conservation play a critical role in our survival. Terrestrial and aquatic ecosystems provide us with food, water, oxygen, energy, and medicines. They regulate our climate, provide pollination to crops, and reduce the impact of natural hazards. Despite the vital importance of our planet’s ecosystems, we are experiencing a human-caused deterioration of our natural habitats: human activity has altered almost 75% of the Earth’s terrestrial surface, squeezing wildlife and natu
Tecnotree utses till Årets förändringsskapare av Helsingforsbörsens stiftelse20.5.2022 17:24:00 CEST | Pressmeddelande
Tecnotree, en teknikleverantör från Esbo, utses till Årets förändringsskapare. Företaget har bidragit till att leverera europeisk-finsk innovation för att driva på tillväxten i framväxande marknader. Dess 5G-färdiga digitala produkter och lösningar, som har tagits väl emot globalt i Europa, Latinamerika, Mellanöstern, Afrika samt Asien och Stillahavsområdet, är avgörande för att ge telekomsektorn och dess kunder avancerad digital kapacitetstillgång till viktiga digitala tjänster över hela världen inom hälso- och sjukvård, utbildning och betalningstjänster. Detta pressmeddelande använder multimedia. Se den fullständiga versionen här: https://www.businesswire.com/news/home/20220518005762/sv/ Tecnotree Padma Ravichander and Minna Heusala of the Stock Exchange Foundation at the Stock Exchange Gala on May 17, 2022. Picture taken by Tuomas Pietinen. (Photo: Business Wire) ”Förändring och omvandling utgör själva kärnan i vår verksamhet. Under det senaste decenniet har vi infört en intern kult
PPG Showcases Innovations in Paints, Coatings, Specialty Materials That Enhance Sustainability, Efficiency, Mobility20.5.2022 14:00:00 CEST | Press release
PPG (NYSE:PPG) today showcased its latest innovations to media at its production and research and development (R&D) facility in Amsterdam. The event focused on advancements in three key areas – sustainability, efficiency and mobility – reflecting the company’s goals of helping customers lower costs, reduce their environmental footprint and support the global shift to electric vehicles (EVs). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220520005101/en/ PPG showcased its latest innovations to media at its production and research and development facility in Amsterdam on May 20. The event focused on advancements in three key areas – sustainability, efficiency and mobility – reflecting the company’s goals of helping customers lower costs, reduce their environmental footprint and support the global shift to electric vehicles. (Photo: Business Wire) Recent PPG innovations highlighted during the event include: PPG CORACHAR® batte
Ecopia AI Partners with Snap Inc. Subsidiary to Pilot 3D Map Content Integration20.5.2022 13:00:00 CEST | Press release
Ecopia AI announced today that it was selected by a Snap Inc. subsidiary to provide high-precision vector mapping data. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220520005091/en/ Sample of the 3D Vector Map of Buildings and Vegetation Generated by Ecopia AI Leveraging Airbus Imagery (Photo: Business Wire) Ecopia leverages advanced AI-based mapping systems to mine the most up-to-date commercially-available geospatial imagery, accessed through its global partner network, outputting high-precision vector maps. For this initiative, Ecopia turned to Airbus for access to their global premium 30-50cm high-resolution imagery database, which is serving as the input imagery for large-scale map content production. “Ecopia has proven their ability to deliver highly-accurate mapping data at a large-scale with unparalleled speed,” said Snap, Inc subsidiary spokesperson. “Ecopia’s mission is to digitize the world using AI, offering hi
B2Broker Announced Annual Payments for B2Core, MarksMan, and B2Trader Products20.5.2022 10:00:00 CEST | Press release
B2Broker is excited to announce that it now offers an annual payment option for the three core products: MarksMan, B2Core, and B2Trader. With the introduction of this new plan, customers will be provided with a discount and a simpler approach to planning their budget. This change will allow the company to streamline its finances and improve cash flow. The annual plan is already applicable to all three products. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220520005015/en/ B2Broker Announced Annual Payments for B2Core, MarksMan, and B2Trader Products (Graphic: Business Wire) MarksMan Whether you're a seasoned pro or just getting started in the world of digital assets, MarksMan is the perfect solution. With support for spot and perpetual futures liquidity, along with easy access to liquidity pools on major crypto exchanges, MarksMan has everything you need. There's no better time to test it out than now, with the basic packa
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom