Intel has announced that it will be purchasing McAfee, the antivirus software and computer security company headquartered in Santa Clara. The purchase is still pending shareholder approval, regulatory clearances and other customary conditions.

The company will become a wholly owned subsidiary of Intel. The cost of the purchase is $7.68 billion, or $48 per share. This is 62 percent higher than McAfee’s closing stock price yesterday of $29.93.