Intel agrees to sell controlling stake in Altera chip business

Core Insights - Intel has entered into a definitive agreement to sell 51% of its Altera semiconductor business to Silver Lake, valuing Altera at $8.75 billion [1][2] - The deal will make Altera operationally independent, with Intel retaining 49% ownership [1] - Raghib Hussain is set to become the CEO of Altera on May 5, 2025, succeeding Sandra Rivera [1] Financial and Strategic Implications - The transaction is expected to close in the second half of 2025, subject to customary closing conditions [2] - Intel's CEO Lip-Bu Tan stated that the announcement reflects the company's commitment to focus, reduce expenses, and strengthen its balance sheet [2] - Altera is repositioning its product portfolio to target the fastest growing and most profitable segments of the FPGA market [2] Company Background - Altera was founded in 1983 by semiconductor veterans Rodney Smith, Robert Hartmann, James Sansbury, and Paul Newhagen [2]