Intel (INTC) is close to securing an agreement to sell a stake in its Altera programmable chip unit to private equity firm Silver Lake Management, Bloomberg reported Monday, citing unnamed people familiar with the matter.
A deal could be announced as soon as this week, the sources said, although it could still be delayed or may fall apart.
In 2015, Intel agreed to acquire Altera for about $17 billion, the report said. The company said the stake sale is part of its broader plan to turn its business around, Bloomberg reported.
Intel and Silver Lake did not immediately respond to MT Newswires' requests for comment.
Shares of Intel were up around 4% in recent premarket activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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