McAfee, a wholly owned subsidiary of Intel (NASDAQ:INTC), has agreed to acquire network firewall solutions provider Stonesoft, offering $5.90 for each outstanding share of Stonesoft in the all-cash deal, equal to a 128% premium relative to Stonesoft's May 3 closing price.
The total value of the acquisition announced today is approximately $389 million.
Stonesoft, based in Helsinki, Finland, has more than 6,500 customers worldwide and is expected to complement McAfee's existing suite of Internet and network security products and services.
Stonesoft CEO Ilkka Hiidenheimo was quoted as saying, "Combined, we believe we can offer our customers a world-class product portfolio with world-class support -- all backed by Intel."
The Stonesoft board of directors has unanimously voted to recommend that its shareholders accept McAfee's offer. The deal is subject to Stonesoft shareholder approval and standard closing conditions.