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Silver Lake will own 51% of Altera, which Intel acquired in 2015
for $16.7 billion in an effort to expand its business into chip
markets focused on wireless, automobiles and other products. At
the time, it was the biggest deal in Intel Corp.'s history.
Intel spun Altera off into an independent company earlier this
year. Silver Lake's acquisition of Altera is expected to close
in the second half of this year.
“Today’s announcement reflects our commitment to sharpening our
focus, lowering our expense structure and strengthening our
balance sheet,” said Intel CEO Lip-Bu Tan. ”We look forward to
partnering with Silver Lake upon closing of the transaction, as
their industry expertise will help to accelerate Altera’s
efforts and unlock additional economic value for Intel." Tan
joined Intel as CEO just one month ago.
Intel also announced that Raghib Hussain will succeed Sandra
Rivera as chief executive officer of Altera, effective in early
May.
Intel shares were up 3.2% just after the opening bell Monday.
The broader technology sector was boosted Monday after U.S.
President Donald Trump announced on Friday said he was exempting
smartphones, computers and some other electronics from some of
his stiff tariffs.
Trump then spent Sunday downplaying the significance of
exemptions that reduce but won’t eliminate the effect of U.S.
tariffs on imports of popular consumer devices and their key
components.
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