McAfee Intel Merger
On August 19, 2010 Intel (Nasdaq: INTC) acquired McAfee (NYSE: MFE) for $48 per share, or approximately $7.68 billion.
The acquisition came at a 60 percent premium to the prior day's closing price.
On a GAAP basis, Intel expects the combination to be slightly dilutive to earnings in the first year of operations and approximately flat in the second year. On a non-GAAP basis, excluding a one-time write down of deferred revenue when the transaction closes and amortization of acquired intangibles, Intel expects the combination to be slightly accretive in the first year and improve beyond that.
Intel was advised by Goldman Sachs & Co. and Morrison & Foerster LLP. McAfee was advised by Morgan Stanley & Co. Inc. and Wilson Sonsini Goodrich & Rosati, P.C.
The merger is expected to close after McAfee shareholder approval, regulatory clearances and other customary conditions specified in the agreement.
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