McAfee to pay $465 million for Secure Computing

Competition

McAfee Inc, the world's No. 2 security software maker, said it plans to buy Internet security company Secure Computing Corp for $465 million in cash.

The move gives McAfee a suite of software, services and hardware products to protect hackers from getting past the perimeters of computer networks.

McAfee is already the No. 2 provider of anti-virus software. Symantec Corp is the largest.

Santa Clara, California-based McAfee will pay $5.75 per share of Secure Computing's common stock, representing a 27% premium to the San Jose, California company's closing price of $4.52 on Friday.

Secure Computing shares were quoted at $5.59 in pre-market trade.

The companies expect the transaction to close at the end of the fourth quarter of this year. (Reuters)

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