Mergers and Acquistions News
Categories: Software
September 22nd 2008, 16:01PM
An agreement has been made for technology security giant McAfee to purchase Secure Computing, a gateway security solutions firm.
The two companies combined should generate revenue in the region of $500 million (£271 million) in the network security sector, commented Dave DeWhalt, MacAfee's chief executive.
This sum is similar to the amount MacAfee looks likely to shell out in order to complete the takeover.
The acquisition will see McAfee pay approximately $413 million in cash for Secure's common stock, which equates to $5.75 a share.
An estimated further $84 million will be paid in cash to redeem any outstanding shares of preferred stock.
"In total, net of cash held by Secure, the proposed transaction would be valued at approximately $465 million," McAfee announced.
McAfee is one of the world's biggest producers of IT security systems and has developed a number of popular programs, including VirusScan, SpamKill and Personal Firewall Plus.
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