Intel has agreed to sell a 51% stake in its Altera programmable chip business to buyout firm Silver Lake.
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Intel has shortlisted a number of buyout firms for the next round of bidding for its Altera unit, sources said.
The abrupt departure of Intel CEO Pat Gelsinger offers a fresh opportunity for the troubled company.
Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board.
Chip maker Intel plans an initial public offering for its programmable chip unit in the next two to three years.