FTC Approves Intel's Acquisition of McAfee
Intel, the largest chip maker on this or any other known planet, cleared at least one major hurdle in its attempt to acquire security firm McAfee. That hurdle? The Federal Trade Commission, which has given the proposed $7.68 billion deal its stamp of approval.
"The Federal Trade Commission has concluded its review of the proposed McAfee transaction and has cleared it. We are continuing to work with the staff at the European Commission as they continue their review," Kevin Sellers, Intel VP of Investor Relations, said in a statement.
The FTC's approval comes just days after mutterings that European regulators might not be too keen on the deal because of antitrust concerns. According to a report in The Wall Street Journal, European Union officials fear that combining the two companies would be unfairly detrimental to other security firms. As it stands, McAfee is the world's second largest security software vendor trailing only Symantec.
Some analysts say that the real fear has to do with the potential for Intel to embed security technology into its chips that will only work with McAfee products, essentially freezing out the competition.
"The Federal Trade Commission has concluded its review of the proposed McAfee transaction and has cleared it. We are continuing to work with the staff at the European Commission as they continue their review," Kevin Sellers, Intel VP of Investor Relations, said in a statement.
The FTC's approval comes just days after mutterings that European regulators might not be too keen on the deal because of antitrust concerns. According to a report in The Wall Street Journal, European Union officials fear that combining the two companies would be unfairly detrimental to other security firms. As it stands, McAfee is the world's second largest security software vendor trailing only Symantec.
Some analysts say that the real fear has to do with the potential for Intel to embed security technology into its chips that will only work with McAfee products, essentially freezing out the competition.
