Intel on Thursday announced that it will acquire McAfee for $7.68 billion.

The board of directors for both companies have already approved the deal, though it still requires approval from McAfee shareholders and regulators, Intel said in an announcement.

Intel said security is now a major issue within the company, but "today's security approach does not fully address" many of today's new Internet-connected devices, including wireless devices.

"With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online," Paul Otellini, Intel president and chief executive, said in a statement. "In the past, energy-efficient performance and connectivity have defined computing requirements. Looking forward, security will join those as a third pillar of what people demand from all computing experiences."

When the deal is closed, McAfee will become a wholly owned subsidiary of Intel, reporting to Intel's software and services group. It will be managed by Renée James, Intel senior vice president and general manager of software and services.

"Hardware-enhanced security will lead to breakthroughs in effectively countering the increasingly sophisticated threats of today and tomorrow," said James. "This acquisition is consistent with our software and services strategy to deliver an outstanding computing experience in fast-growing business areas, especially around the move to wireless mobility."

James said she expects to introduce an Intel-McAfee product during the next year.

Dave DeWalt, president and chief executive of McAfee, said the acquisition will "result in our ability to deliver a safer, more secure and trusted Internet-enabled device experience."