Intel Corporation and TPG announced on Wednesday a definitive agreement under which the two parties will establish a newly formed, jointly-owned, independent cybersecurity company.

The new company will be called McAfee following transaction close, said Intel. TPG will own 51 percent of McAfee and Intel will own 49 percent in a transaction valuing the business at approximately $4.2 billion.

TPG is making a $1.1 billion equity investment to help drive growth and enhance focus as a standalone business.

The new company will be one of the world’s “largest pure-play cybersecurity companies,” said Intel. Last year, Intel Security unveiled a new strategy that refocused the business on endpoint and cloud as security control points, as well as actionable threat intelligence, analytics and orchestration.

“Security remains important in everything we do at Intel and going forward we will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices,” said Brian Krzanich, CEO of Intel, in a prepared statement.