McAfee files for return to public markets
By Wallace Witkowski
McAfee Corp. is seeking a return to being a public company, according to a filing with the Securities and Exchange Commission late Monday.
McAfee registered to raise up to $100 million, although that figure is often used a placeholder that is updated later. The company plans to list under the ticker "MCFE" on the Nasdaq. Underwriters include Morgan Stanley, Goldman Sachs, TPG Capital, BofA Securities, and Citigroup.
The security software company brought in $2.64 billion in revenue in 2019 for a loss of $236 million, according to the filing. For the first 26 weeks of 2020, the company reported revenue of $1.4 billion and net income of $31 million.
Speculation that McAfee would go public have been circulating for more than a year (https://www.marketwatch.com/articles/mcafee-readies-return-to-public-markets-51562787733).
Back in 2016, Intel Corp. sold a majority stake in McAfee to private-equity firm TPG (https://www.marketwatch.com/story/intel-nears-deal-to-sell-mcafee-security-unit-to-tpg-2016-09-07-151035827) for $4.2 billion. Intel (INTC) had acquired McAfee for $7.7 billion in 2011. Then, in 2017, Thoma Bravo cut a deal with TPG to take a minority stake.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 28, 2020 19:03 ET (23:03 GMT)
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