Intel Corporation has acquired McAfee a deal that highlights the importance of security as a component of online computing.

The present security approach does not fully address the billions of new Internet-ready devices connecting, including mobile and wireless devices, TVs, cars, medical devices and ATM machines as well as the accompanying surge in cyber threats.

The move will allow Intel to tackle this challenge. The company has elevated the priority of security to be on par with its strategic focus areas in energy-efficient performance and Internet connectivity.

McAfee, has enjoyed double-digit, year-over-year growth and nearly 80% gross margins last year, will become a wholly-owned subsidiary of Intel, reporting into Intel’s Software and Services Group. The group is managed by Renée James, Intel senior vice president, and general manager of the group.

The deal, valued at $7.68bn saw Intel pay $48 per share in cash. Both boards of directors have unanimously approved the deal, which is expected to close after McAfee shareholder approval, regulatory clearances and other customary conditions specified in the agreement.

Intel was advised by Goldman Sachs & Co and Morrison & Foerster LLP. McAfee was advised by Morgan Stanley & Co and Wilson Sonsini Goodrich & Rosati, PC.