Investor Group To Take Ownership Of McAfee; Shareholders To Receive $26.00/shr In Cash

(RTTNews) - McAfee Corp. (MCFE) has agreed to be acquired by an investor group for $26.00 per share in an all-cash deal valued at approximately $12 billion on an equity value basis, and over $14 billion on an enterprise value basis. The transaction is anticipated to close in the first half of 2022. Upon completion, McAfee common stock will no longer be listed on any public securities exchange.

The investor group is led by Advent International and Permira Advisers, Crosspoint Capital, CPP Investments, GIC, and a wholly owned unit of the Abu Dhabi Investment Authority.

Separately, McAfee said it delivered another strong quarter, with revenue growing 24% year-over-year. The company added 640 thousand net new direct-to-consumer subscribers, a year-over-year increase of 16%.

Third quarter adjusted EBITDA increased by 43% year-on-year to $234 million. Adjusted net income was $140 million or $0.31 per share, for the quarter. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.22, for the quarter. Analysts' estimates typically exclude special items.

Loss from continuing operations was $30 million or $0.54 per share, for the quarter. Net revenue increased to $491 million from $395 million. Analysts on average had estimated $465.84 million in revenue. McAfee has cancelled the earnings call previously scheduled for November 9, 2021.