Intel to spin out cybersecurity unit, sell stake in business to TPG

(Reuters) - Intel Corp said it would spin out its cybersecurity division and sell a majority stake in it to investment firm TPG for $3.1 billion in cash. TPG will own 51 percent of the new entity, valuing it at $4.2 billion. The unit, previously known as McAfee, will be renamed McAfee after the close of the transaction. Intel bought McAfee for $7.7 billion in 2011. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)