Intel to divest 51% stake in Altera for $4.46 billion to Silver Lake amid cost cuts, stock down 17% in one month
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 under new CEO Lip-Bu Tan to revive the struggling American chipmaker. The deal, announced on Monday, values Altera at $8.75 billion, a sharp decline from the nearly $17…