Intel to sell majority stake in Altera for $4.46 billion to fund revival effort

FILE PHOTO: A sign is shown at the entrance to the headquarters of Intel Corporation in Santa Clara, California February 2, 2010. REUTERS/Robert Galbraith/File Photo

(Reuters) -Intel has agreed to sell a 51% stake in its Altera programmable chip business to buyout firm Silver Lake for $4.46 billion, in the first major move under new CEO Lip-Bu Tan to revive the struggling American chipmaker.

The deal values Altera at $8.75 billion, nearly half the roughly $17 billion Intel paid for it in 2015, and is expected to close in the back half of 2025. Raghib Hussain, a former Marvell executive, will take over as Altera CEO on May 5.