Intel is looking for investors for its subsidiary Altera and seeking to sell billions of dollars in equity
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Update time : 2024-10-19 09:54:53
According to people familiar with the matter, Intel is seeking to sell at least a minority stake in its Altera division.
This deal will raise billions of dollars in cash for the beleaguered chipmaker, valuing Altera at about $17 billion.
Previously, Intel acquired Altera for $16.7 billion in 2015.
After experiencing a plunge in stock prices and a continuous decline in market share, Intel has been seeking drastic reforms. Sources said that the company sent invitations for Altera to some private equity and strategic investors this week. Intel has told some of these investors that they can acquire a majority stake in the business.
A representative of Intel declined to comment. Compared with Intel's previous comments on Altera, this sale is a major change. Just in September, Intel CEO Pat Gelsinger said that Intel's leadership believes that this business is a core part of Intel's future.
Intel had previously said that it may seek to monetize the Altera business through an initial public offering (IPO), possibly as soon as 2026. But the idea of accepting strategic or private equity investment will significantly accelerate the implementation of these plans.
Gelsinger and his leadership team had previously said that Intel is aware of its disadvantaged position and is actively working to make up for it. Selling a stake in Altera may make it easier for Intel to achieve its semiconductor manufacturing ambitions and assure investors of Altera's future as an independent company.
However, during the sale process, Qualcomm expressed interest in acquiring Intel. This deal will face strict scrutiny from regulatory authorities and may reshape the semiconductor industry.
Since the beginning of this year, Intel's stock price has fallen by 50% due to the company being defeated by Nvidia in the field of artificial intelligence (AI) chips and being overtaken by AMD in its core PC and data center markets.
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