McAfee

active

Software — TPG / Intel / Thoma Bravo (consortium)

Deal Terms

Entry Year2022

Entry EV$14B

Entry Multiple12x

Leverage6x

Debt Amount$8.4B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Musical chairs of PE ownership: TPG took 51% from Intel (2017), IPO'd at $22B (2020), taken private AGAIN by consortium led by Advent/Permira/Crosspoint/CPPIB/GIC at $14B (2022). Consumer cybersecurity. $8.4B+ debt across multiple tranches. Serial PE flip.

Sponsor

TPG Inc.$230B AUM

Hot Potato History

2010→Intel (acquisition)($7.7B)

2017→TPG + Intel (carve-out)($4.2B)

2020→Public (IPO)($8.6B)

2022→Thoma Bravo-led consortium($14B)

Private under Thoma Bravo consortium at $14B. Consumer cybersecurity in a commoditizing market.