McAfee, Inc. has completed its acquisition of Secure Computing Corporation for $5.75 per common share in cash.

This represents an equity value for Secure Computing’s common stock of approximately $418 million in the aggregate.

In addition, Secure Computing’s outstanding shares of preferred stock were redeemed for an aggregate of approximately $85 million in cash.

In total, net of cash held by Secure Computing, the transaction is valued at approximately $462 million.

As previously announced, Dan Ryan, president and chief executive officer of Secure Computing, will lead McAfee’s Network Security product business unit and will report to Dave DeWalt, chief executive officer and president.

“McAfee’s goal is to provide intelligent security that protects from every angle, including the endpoint, the network and all points in between,” said DeWalt.

“McAfee’s leadership position in end-point security and network intrusion prevention, coupled with Secure Computing’s leadership position in Web and email security, make McAfee uniquely positioned to address its customer’s toughest security challenges.

“Our users will be able to consolidate their defences with some of the most robust technologies on the market today,” he added.

To simplify security operations, McAfee plans to enhance its network and endpoint solution offerings to deliver security management through McAfee ePolicy Orchestrator.

In addition, McAfee will utilise Secure Computing’s TrustedSource technology to expand “in-the-cloud” security services.

McAfee expects bookings for Secure Computing to be $30-$40 million post-acquisition for the period ending December 31, 2008.