McAfee could bid for NortonLifeLock
December 11, 2019
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Consumer software may be in for more consolidation.
McAfee might put in a bid for cybersecurity rival NortonLifeLock, challenging existing private equity bidders Permira and Advent International, according to The Wall Street Journal. McAfee's owners, Intel, TPG Capital and Thoma Bravo, are also in on the reported possible bid.
Known as Symantec until selling its enterprise business to Broadcom for $10.7 billion in cash last month, Arizona-based NortonLifeLock has a market cap of about $16.3 billion. It's backed by Starboard Value, an activist hedge fund that has invested in the likes of Dollar Tree and Papa John's this year.
The possibility of NortonLifeLock's sale underlines a hesitancy by tech companies to trek the IPO route after several notable flops this year. Uber, Lyft and Peloton are just a few examples. As a result, M&A intentions are heating up across the tech industry. Indeed, McAfee had considered a public debut in July, but it was reportedly shelved due to such concerns.
Related read: US M&A remains resilient despite market fears
McAfee might put in a bid for cybersecurity rival NortonLifeLock, challenging existing private equity bidders Permira and Advent International, according to The Wall Street Journal. McAfee's owners, Intel, TPG Capital and Thoma Bravo, are also in on the reported possible bid.
Known as Symantec until selling its enterprise business to Broadcom for $10.7 billion in cash last month, Arizona-based NortonLifeLock has a market cap of about $16.3 billion. It's backed by Starboard Value, an activist hedge fund that has invested in the likes of Dollar Tree and Papa John's this year.
The possibility of NortonLifeLock's sale underlines a hesitancy by tech companies to trek the IPO route after several notable flops this year. Uber, Lyft and Peloton are just a few examples. As a result, M&A intentions are heating up across the tech industry. Indeed, McAfee had considered a public debut in July, but it was reportedly shelved due to such concerns.
Related read: US M&A remains resilient despite market fears
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