NEW YORK (

TheStreet

) --

Intel

(INTC) - Get Report

has acquired McAfee

McAfeel

(MFE)

for $48 per share, making the deal worth approximately $7.68 billion.

McAfee will continue to operate as subsidiary and will report to Intel's software and service group.

Both company's boards of directors have approved the acquisition.

"With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online," said Paul Otellini, Intel's president and CEO. "In the past, energy-efficient performance and connectivity have defined computing requirements. Looking forward, security will join those as a third pillar of what people demand from all computing experiences.