Intel sells 51% stake in Altera unit

World World: Intel on Monday announced that it is selling a 51% stake in its programmable chip unit Altera to private equity firm Silver Lake. The deal values ​​Altera at $8.75 billion. The move will help Intel raise cash, especially as the company is cutting costs and investing heavily in chip manufacturing to strengthen its financial balance.

Intel bought Altera in 2015 for about $17 billion when the company’s then-CEO Brian Krzanich pursued a strategy to diversify beyond the PC chip business. Since last year, Intel has been in the process of setting up Altera as a separate entity and was planning to sell part of its stake.