Network Associates sells Sniffer line, changes name

The vendor sold Sniffer to Silver Lake Partners and Texas Pacific Group for $275 million in cash. The acquirers will form a new company, Network General, to manage the Sniffer line.

When the deal is completed, Network Associates will become McAfee Inc.

The new McAfee will include the Network Associates enterprise antivirus and intrusion prevention businesses and the McAfee Labs research organization.

Network Associates also announced a cost reduction and profitability plan along with preliminary first-quarter GAAP net earnings of 32 cents per share.

www.networkassociates.com