Shares of Intel Corporation (NASDAQ:INTC) ended Monday session in green amid volatile trading. The shares closed up +0.64 points or 1.81% at $36.08 with 22.80 million shares getting traded. Post opening the session at $35.19, the shares hit an intraday low of $35.06 and an intraday high of $36.12 and the price vacillated in this range throughout the day. The company has a market cap of $166.01 billion and the numbers of outstanding shares have been calculated to be 4.73 billion shares.
On September 8, 2016 Intel Corporation and TPG announced a definitive agreement under which the two parties will establish a newly formed, jointly-owned, independent cybersecurity company. The new company will be called McAfee following transaction close. TPG will own 51 percent of McAfee and Intel will own 49 percent in a transaction valuing the business at approximately $4.2 billion. TPG is making a $1.1 billion equity investment to help drive growth and enhance focus as a standalone business.
Through this transaction, TPG, a leading global alternative asset firm with demonstrated expertise in growing profitable software companies and carve-out investments, and Intel, a global technology leader that powers the cloud and billions of smart, connected computing devices, will work together to position McAfee as a strong independent company with access to significant financial, operational and technology resources. With the new investment from TPG and continued strategic backing of Intel, the new entity is expected to capitalize on significant global growth opportunities through greater focus and targeted investment.
The new company will be one of the world’s largest pure-play cybersecurity companies. Last year, Intel Security unveiled a new strategy that refocused the business on endpoint and cloud as security control points, as well as actionable threat intelligence, analytics and orchestration. This new strategy allows customers to detect and respond to more threats faster and with fewer resources.
“Security remains important in everything we do at Intel and going forward we will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices,” said Brian Krzanich, CEO of Intel. “As we collaborate with TPG to establish McAfee as an independent company, we will also share in the future success of the business and in the market demand for top-flight security solutions, creating long-term value for McAfee’s customers, partners, employees and Intel’s shareholders. Intel will continue our collaboration with McAfee as we offer safe and secure products to our customers.”
Shares of Frontier Communications Corp (NASDAQ:FTR) ended Monday session in green amid volatile trading. The shares closed up +0.08 points or 1.75% at $4.64 with 24.53 million shares getting traded. Post opening the session at $4.55, the shares hit an intraday low of $4.50 and an intraday high of $4.65 and the price vacillated in this range throughout the day. The company has a market cap of $5.20 billion and the numbers of outstanding shares have been calculated to be 1.17 billion shares.
Frontier Communications Corp (FTR) on September 12, 2016 announced that R. Perley McBride will join the Company on September 12, 2016, and will become Executive Vice President and Chief Financial Officer following a transition period. Mr. McBride will succeed John Jureller, who is stepping down to pursue other opportunities.
Mr. McBride has over two decades of experience in financial roles in the communications industry, including more than a decade at Frontier earlier in his career, and was most recently CFO at Cable & Wireless Communications Plc.
Dan McCarthy, Frontier’s President and CEO, said, “We are very pleased to welcome Perley back to Frontier. Perley is a highly respected finance leader in the communications industry and has unique insight into our business as a result of his prior roles here. He has a successful track record of allocating capital to drive shareholder value, increasing efficiency, improving margins, and executing on strategic plans. Perley will play an integral part in attaining the financial targets we have set for Frontier, including achieving Adjusted Free Cash Flow in the range of $825 million to $900 million in 2016, Adjusted EBITDA in excess of $4 billion in 2017, as well as our expense synergy target of at least $1.25 billion.”
Mr. McBride said, “I am very excited to be rejoining Frontier at such a pivotal time in the Company’s history. Frontier has tremendous future opportunities and I look forward to being a part of Dan’s team as we seek to grow the business and achieve the substantial synergies and efficiencies made possible by Frontier’s substantially-increased scale.”
Mr. McCarthy added, “I would like to thank John Jureller for his many contributions during his four years with Frontier, a period that included two major acquisitions that more than doubled our size. I am pleased that John will stay on to ensure a seamless handoff, and we wish him well in his future endeavors.”