Intel Corporation yesterday announced a deal to acquire antivirus developer McAfee Inc. for approximately $7.68 billion.

The deal, which is the largest in Intel’s 42-year history, is a move to tackle the growing threat of hacking and viruses, according to Intel CEO, Paul Otellini.

This deal reflects the importance of online security; with billions of Internet-enabled devices connected to the Internet, cyber threats are a bigger issue than ever before.

The agreement states that Intel will purchase all of McAfee’s common stock for $48 per share and has been unanimously approved by both boards of directors.

“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,” said Otellini. “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.”

McAfee will reportedly become  a wholly-owned subsidiary of Intel, reporting to the company’s Software and Services Group managed by Intel senior vice president, Renée James.

McAfee, founded in 1987 is currently the world’s biggest security technology company with over 6000 employees and a revenue stream of approximately $2 billion in 2009.

“The cyber threat landscape has changes dramatically over the past few years, with millions of new threats appearing every month,” said Dave DeWalt, CEO and president of McAfee Inc.

Among the security-related software that McAfee will bring to the table in the merger includes McAfee Total Protection, McAfee Antivirus, McAfee Internet Security, McAfee Firewall and McAfee IPS.

This partnership sees two of the most prominent companies in the industry coming together and should fuel a lot of innovation in the security and emerging cloud network security sectors.