McAfee nears deal to sell itself to Advent for over $10 billion - WSJ

[November 06, 2021]    (Reuters) -Cyber security firm McAfee Corp is nearing a deal to sell itself to U.S. private equity firm Advent International for more than $10 billion, the Wall Street Journal reported https://on.wsj.com/3bIGfIr on Friday, citing people familiar with the matter.

Cyber security firm McAfee holds a virtual IPO at NASDAQ Marketsite in the Manhattan borough of New York City, New York, U.S., October 22, 2020. REUTERS/Carlo Allegri

The deal could be announced on Monday, although the talks could still fall apart, the report said.

McAfee and Advent did not immediately respond to Reuters requests for comment.

The potential deal comes at a time when the pandemic-driven shift to remote working and a rise in cyber attacks has spurred demand for antivirus and digital security software.

Seeking to create a leader in consumer security software, U.S.-based NortonLifeLock Inc in August agreed to buy London-listed rival Avast Plc for up to $8.6 billion.

Shares of McAfee, which made its market debut last year, closed 20% higher on Friday at $25.46.

The company said in March it would sell its enterprise business to a consortium led by Symphony Technology Group for $4 billion in cash.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)

[© 2021 Thomson Reuters. All rights reserved.]

Copyright 2021 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.