Intel Stock Climbs Following Altera Sale Deal
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Shares of Intel (INTC) stock are up following a reported sale of its 51% stake in its Altera chips unit to Silver Lake, a tech-focused private equity firm. The deal values Altera at $8.75 billion and will leave Intel with a 49% stake. Intel’s Altera programmable chip business brought over $1.5 billion in revenue last year. Raghib Hussain will be CEO of Altera, effective May 5. Shedding assets, including Intel’s stake in Altera, is part of Intel CEO Lip-Bu Tan’s strategy to streamline the chipmaker.
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