In an interesting move, Intel has announced that it will be buying the security software firm McAfee for $7.68 billion. This acquisition comes close on the heels of McAfee’s acquisition of tenCube – the developer of WaveSecure.

At first glance this might appear to be a strange acquisition, given that Intel is mainly a hardware manufacturer, whereas McAfee is a software developer. However, as Intel goes on to explain in the following statement, McAfee will help Intel in its goal of providing on-chip security.

The acquisition reflects that security is now a fundamental component of online computing. Today’s security approach does not fully address the billions of new Internet-ready devices connecting, including mobile and wireless devices, TVs, cars, medical devices and ATM machines as well as the accompanying surge in cyber threats. Providing protection to a diverse online world requires a fundamentally new approach involving software, hardware and services.

The price offered by Intel amounts to $48 per share, which is a 60% premium on the value of McAfee’s stock. Intel obviously wants McAfee pretty desperately, since McAfee hasn’t traded at the quoted price since 1999. The acquisition will make McAfee a wholly owned subsidiary of Intel and is expected to be finalized after shareholder approval, regulatory clearances and other customary conditions specified in the agreement.