By Adam Clark
Intel said Monday that it has sold a majority stake in programmable-chip unit Altera to private-equity firm Silver Lake.
The deal values Altera at $8.75 billion and Intel will retain a 49% stake in the business.
"Today's announcement reflects our commitment to sharpening our focus, lowering our expense structure and strengthening our balance sheet," said Lip-Bu Tan, chief executive officer of Intel, in a statement.
Intel acquired Altera in 2015 in an all-cash deal valued at $16.7 billion.
Intel shares were up 4.6% at $20.65 in premarket trading.
Write to Adam Clark at adam.clark@barrons.com
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(END) Dow Jones Newswires
April 14, 2025 09:12 ET (13:12 GMT)
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