INTEL WILL SELL MAJORITY STAKE IN ALTERA FOR $4.46 BILLION TO FUND REVIVAL EFFORT

Intel has agreed to sell a 51% stake in its Altera programmable chip business to buyout firm Silver Lake for $4.46 billion, in the first major move by new CEO Lip-Bu Tan to revive the struggling American chipmaker.

Monday's deal values Altera at just $8.75 billion compared to the nearly $17 billion Intel paid in 2015, but the sale will provide the company much-needed cash after hefty bets on contract manufacturing by former CEO Pat Gelsinger strained its finances.

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