Intel Corporation acquired McAfee from the infamous founder John McAfee in 2010 for $7.68 billion and renamed it as Intel Security from McAfee Security. Having struggled with the security division for 6 years, the chipmaker has decided to part ways with managing the anti-virus solution by relinquishing 51% stake to an investment TPG.

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 will eventually invest $1.1 billion to help drive growth and enhance focus as a standalone business.

Intel has been slow to turn the security business around since taking over, meanwhile security providers like Kaspersky and Symantec have been aggressive in rolling out new products to keep up with changing trends. Security is a major concern for governments, corporation and the public, thousands of hacks are taking place daily causing millions in loses, and the next space for security will be on mobile.

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.

With a new CEO on board, the joint venture is seeking to turn McAfee to a global security corporation again. Lets see if Intel after taking a huge discount can recoup from this.