Intel (INTC) Closes $7.7 Billion Acquisition of McAfee

After Intel (NASDAQ:INTC) closed its $7.7 billion acquisition of McAfee on Monday, the Internet security company just missed its 52-week high by a penny.

In its final day McAfee closed at $47.95, after reaching as high as $47.99.

The companies said in a statement, "McAfee will continue developing and selling security products and services under its own brand. Intel and McAfee plan to bring the first fruits of their strategic partnership to market later this year, with the intent of tackling security and the pervasive nature of computing threats in an entirely new way."

Intel and McAfee added that they "believe today’s approach to security does not adequately address the billions of new Internet-ready devices, including PCs, mobile and wireless devices, TVs, cars, medical devices and ATM machines. With the surge in cyber threats, providing protection to a diverse online world requires a fundamentally new approach involving software, hardware and services. Together the two companies will work to help people more securely take full advantage of the potential of computing and connectivity."

McAfee is now a wholly-owned subsidiary of Intel, which was trading at $21.47, the same as Monday's close, as of 2:23 PM EST.