SANTA CLARA (dpa-AFX) - Intel Corporation (INTC) Monday it has agreed to sell 51% of its Altera business to Silver Lake, a company that invests in technology.
The transaction, which values Altera at $8.75 billion, establishes Altera's operational independence and makes it the largest pure-play FPGA (field programmable gate array) semiconductor solutions company.
Intel will own the remaining 49% of the Altera business, enabling it to participate in Altera's future success while focusing on its core business.
Intel also announced that Raghib Hussain will succeed Sandra Rivera as chief executive officer of Altera, effective May 5, 2025. He joins Altera from his previous role as president of Products and Technologies at Marvell.
The transaction is expected to close in the second half of 2025, subject to customary closing conditions.
Upon closing, Intel expects to deconsolidate Altera's financial results from Intel's consolidated financial statements. In Fiscal Year 2024, Altera generated revenues of $1.54 billion, GAAP gross margin of $361 million and GAAP operating loss of $615 million.
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