Been trying to come to terms with this deal all day. The few benefits are below...
1. They purchased the company for approx. $7.5B in CASH.
2. The purchase price gave McAfee a forward PE of 16.
This is very consistent with the acquisitions we have been seeing with cash rich companies. And a very strong signal that all management teams are selling their companies for very reasonable valuations. (The large % differences seen via the market is the large disconnect between investors and management opinion. I think the management teams of the multiple players buying are correct.)
As far as synergies go within the business, I am not that savvy within the semi space to know how having McAfee in house benefits them. If they can now make air-tight security features via the combination, that would be great. I do know McAfee's margins will help Intel's balance sheet.
Most importantly, the above still indicates the market is very very discounted.