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McAfee was taken private on March 1, 2022, by an investor group led by Advent International and Permira. The deal was announced in November 2021 at $26 per share in cash. Its widely reported value of more than $14 billion was the enterprise value after giving effect to repayment of McAfee debt—not the amount paid directly to shareholders.
Who bought McAfee?
McAfee announced a definitive agreement on November 8, 2021, with an investor group led by Advent International and Permira. The other named investors were Crosspoint Capital, CPP Investments, GIC, and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). McAfee’s announcement filed with the SEC described the post-divestiture company as a “pure-play consumer cybersecurity leader.” That was the company’s strategic characterization, not an independent industry ranking.
How much was McAfee sold for?
The offer was $26.00 in cash for each McAfee share. The November 8 announcement put the transaction’s equity value at approximately $12 billion and its enterprise value at more than $14 billion after giving effect to repayment of McAfee debt. These are different valuation measures: equity value reflects the value attributed to shareholders’ shares, while enterprise value also accounts for debt in the transaction’s valuation. So the $14 billion headline should not be read as cash distributed to shareholders.
McAfee said the $26 offer was approximately a 22.6% premium to its $21.21 closing share price on November 4, 2021—the last trading day before media reports of a possible sale. The offer price and premium were figures reported in the company’s November 8 announcement; the premium is tied to that specific reference-day price, not a general comparison with McAfee’s trading history.
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When did McAfee go private?
The acquisition closed on March 1, 2022. McAfee’s completion announcement said the company was no longer publicly traded. This was the completed outcome; the earlier announcement had said closing was expected by the end of the second quarter of 2022, subject to approvals and customary conditions.
Why was this a consumer-focused McAfee deal?
McAfee had already completed the sale of certain Enterprise business assets to Symphony Technology Group on July 27, 2021. The company reported a $4.0 billion cash sale price before tax and said the transaction included a one-time $4.50-per-share dividend. The enterprise sale closed before the private-equity acquisition was announced, so the later deal concerned the remaining, consumer-focused McAfee business. McAfee’s announcement of the Enterprise transaction documents that earlier sale.
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What financing did the merger proxy disclose?
McAfee’s 2021 merger proxy described financing commitments for the transaction, including debt facilities and preferred equity. The figures below are committed amounts disclosed in the proxy, not evidence that each facility was drawn in full or remained unchanged at closing.
| Commitment disclosed | Amount | Context |
|---|---|---|
| First-lien term loan facility | $6.66 billion | Financing commitment described in McAfee’s 2021 merger proxy |
| First-lien cash-flow revolving facility | $1 billion | Financing commitment described in McAfee’s 2021 merger proxy |
| Senior unsecured bridge facility | $2.32 billion | Financing commitment described in McAfee’s 2021 merger proxy |
| Preferred equity | Up to $800 million | Maximum commitment described in McAfee’s 2021 merger proxy |
The amounts are commitments, rather than final drawn balances. See the SEC-filed merger proxy for the disclosed financing terms.
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What McAfee’s management said at closing
In the March 1, 2022 completion announcement, McAfee President and CEO Peter Leav said: “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.” This was management’s view at closing, not evidence that the anticipated results had already been achieved.
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- MORE THAN ANTIVIRUS – Scam protection, identity monitoring, VPN, web protection, and antivirus work together to protect you, all in one place.
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