Intel is reportedly close to finalizing a deal to sell most of its Altera programmable chip business to private equity firm Silver Lake, according to Bloomberg. Intel had acquired Altera back in 2015 for $17 billion, but the company is now shifting its strategy to focus more on core areas of growth.
The move comes as Intel’s new CEO, Lip-Bu Tan, looks to streamline operations by selling off non-core businesses. A formal announcement may be made this week, although ongoing market volatility could affect the timing of the deal.
