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  • Bloomberg

    Cybersecurity Software Firm McAfee Files for Nasdaq IPO

    (Bloomberg) -- Cybersecurity software maker McAfee Corp. has filed to go public, adding to the roster of companies rushing to cash in on a hot market for U.S. initial public offerings.The San Jose, California-based company listed the size of the offering as $100 million in a filing Monday with the U.S. Securities and Exchange Commission. The amount is a placeholder that will likely change.McAfee’s planned offering is part of a software IPO boom this year. The biggest listing for an operating company on a U.S. exchange is software maker Snowflake Inc., which raised $3.86 billion including so-called greenshoe shares this month.Software companies account for $12.8 billion of the $102 billion raised this year on U.S. exchanges, according to data compiled by Bloomberg. Shares of those newly public software companies have gained 78% on an weighted average basis, the data show.Intel, TPGMcAfee was previously a unit of Intel Corp. which bought the software maker in a $7.7 billion deal that closed in 2011.The chipmaker argued that security was becoming increasingly important to computer users and that integrating security functionality into its processors would add to their value. That high-level justification for the purchase was never translated into practical applications which enhanced Intel’s main business. The unit continued on primarily as a retail software vendor not connected tightly to its parent’s offerings.In 2016, Intel announced that it had signed a deal to transfer a 51% stake in the business to TPG for $1.1 billion. The transaction valued the spun-off company at $4.2 billion, including debt. TPG and Thoma Bravo are listed as McAfee’s backers in Monday’s prospectus.For the 26 weeks ended June 27, McAfee had a profit of $31 million on revenue of 1.4 billion, according to its filing. The company said it lost $146 million on revenue of $1.29 billion during the comparable period last year.Morgan Stanley, Goldman Sachs Group Inc., TPG Capital, Bank of America Corp. and Citigroup Inc. are leading the share sale. McAfee plans to list on Nasdaq Global Select Market under the symbol MCFE.(Updates with financial results in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Baystreet

    Indexes Recover from Last Week’s Gully

    Canada's main stock index rose sharply on Monday, driven by gains in energy stocks and as strong economic ...

  • Bloomberg

    China’s Sina Agrees to Go Private in Sweetened $2.6 Billion Deal

    (Bloomberg) -- Sina Corp. agreed to go private after an entity led by its chairman, Charles Chao, boosted its offer for the Chinese social media company to $43.30 a share in cash.The Beijing-based company said the offer implied an equity value for the company of $2.59 billion and represented a 7.7% premium to its closing price on Sept. 25. It’s also an increase from an original buyout proposal New Wave Holdings Ltd. made in July at $41 a share.Chinese companies that once pursued the recognition and liquidity of listing their shares in the U.S. have shown an increasing appetite to turn instead to their home markets. Qihoo 360 Technology Co. delisted from the New York Stock Exchange in July 2016 and then sold shares in Shanghai in 2018 as 360 Security Technology Inc.A number of Chinese tech firms have since delisted from U.S. exchanges or turned to other markets amid growing scrutiny by regulators. Tencent Holdings Ltd. offered in July to buy out and take private search engine Sogou Inc. in a $2.1 billion deal, while 58.com Inc. agreed to be bought out by a private equity consortium for $8.7 billion.Sina went public in 2000 on Nasdaq during the dotcom boom, alongside other pioneers from China’s technology sector. It operates Weibo, a Chinese equivalent of Twitter.In July, New Wave submitted a preliminary non-binding proposal letter to take the company private. It said the current offer is an 18% premium to the closing price on July 2, the last trading day before the earlier offer.Morgan Stanley Asia Ltd. is the financial advisor to a special committee set up by Sina’s board. Gibson, Dunn & Crutcher LLP is serving as its U.S. legal counsel, while Harney Westwood & Riegels is Cayman Islands legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP is serving as New Wave’s U.S. legal counsel.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.