Intel Corp looks to buy Finland’s Stonesoft Oyj for $389 million in cash

The world’s largest chipmaker looking to expand the product offering of its McAfee security-software business

Mon, May 6, 2013, 19:54

Intel Corp., the world’s largest chipmaker, offered to buy Finland’s Stonesoft Oyj for $389 million in cash to expand the product offering of its McAfee security-software business. Stonesoft investors will get 4.50 euros ($5.90) a share, more than double the May 3 closing price, the companies said today, sending the stock soaring. Stonesoft Chief Executive Officer Ilkka Hiidenheimo, Chairman Hannu Turunen and Timo Syrjaelae, a board member, who together hold 34.7 percent of shares, accepted the offer. The Helsinki-based company’s board recommends the deal. The purchase would let McAfee expand its network-firewall and evasion-prevention offerings as it competes against rivals such as Symantec Corp. Santa Clara, California-based Intel bought McAfee in 2011 for about $7.7 billion to add security software to its chip-making arsenal.

Bloomberg