Intel was right in finally spinning off the majority stake in its security unit, says TheStreet’s Jim Cramer. TPG Capital is joining Intel as a partner in the chipmaker’s cyber security unit. In exchange for a $1.1 billion equity investment, TPG will receive a 51% stake in the business, which Intel will spin off under the name McAfee. The transaction values McAfee’s total equity at about $2.2 billion, and the entire company, including debt, at $4.2 billion. That’s a steep discount to the $7.68 billion
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