Intel to sell 51% in Altera amid cost cuts

Intel Corp. has agreed to sell a 51% stake in its programmable chips unit Altera to Silver Lake Management, making good on plans to start spinning off non-core assets.

- Bloomberg

The transaction values Altera at $8.75 billion, according to a statement on Monday, about half what Intel paid for it a decade ago. Intel will continue to hold a 49% stake in the business. The deal is expected to close in the second half of 2025. Bloomberg reported previously on the talks between the two companies.

Altera will be run by Raghib Hussain, replacing Sandra Rivera as chief executive officer (CEO). Hussain will join from Marvell Technology Inc., where he's president of products and technologies.