WASHINGTON: Intel Corp agrees to sell a 51% stake in its programmable chips unit Altera to Silver Lake Management, as the struggling US company begins to spin off non-central businesses and assets.
The transaction values Altera at US$8.75bil, according to a statement on Monday, confirming an earlier Bloomberg report on the talks.
Intel will continue to hold a 49% stake in the business. The deal is expected to close in the second half of 2025.
Altera will be run by Raghib Hussain, who replaces Sandra Rivera as chief executive officer. Intel agreed in 2015 to pay roughly US$17bil for Altera, whose multi-use chips are primarily deployed in telecommunications networks.
In 2024, the US chipmaker said it would look to sell a stake in Altera – part of a broader plan to turn its business around. — Bloomberg
