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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 $17 billion Intel paid in 2015.
The sale will provide Intel a cash boost as the chipmaker aggressively cuts costs to bolster its balance sheet, while it invests in a capital-intensive undertaking to become a contract manufacturer.
Shares of Intel…
