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Intel is selling a 51% stake in its Altera chip business to Silver Lake for $4.46 billion, valuing Altera at $8.75 billion. This move, under new CEO Lip-Bu Tan, aims to boost Intel's finances and streamline operations. The sale reflects Intel's strategy to cut costs and strengthen its balance sheet while investing in becoming a contract manufacturer. The deal, expected to close in late 2025, will see Altera's financial results deconsolidated from Intel's. Intel shares rose following the announcement.

Prepared by Christopher Adams and reviewed by editorial team.