Intel agrees to sell 51% of Altera to Silver Lake

News | April 15, 2025

By Peter Clarke

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Struggling chip company Intel Corp. (Santa Clara, Calif.) has agreed to sell 51 percent of its Altera FPGA business to private equity firm Silver Lake for US$4.46 billion.

The deal was expected and values Altera at US$8.75 billion. Intel will continue to own the remaining 49 percent of Altera. Intel also announced that Raghib Hussain will replace Sandra Rivera as CEO of Altera, with effect from May 5, 2025.

Hussain joins Altera from his previous position as president of products and technologies at Marvell. Prior to joining Marvell in 2018 Hussain was COO at Cavium and prior to that held engineering positions at Cisco and Cadence.

It appears that Rivera is being let go as Intel CEO Lip-Bu Tan thanked her for 25 years of service to Intel. “We are grateful for Sandra’s strong leadership and lasting impact throughout her 25-year Intel career and wish her continued success as she begins a new chapter.”

Tan also said: “Today’s announcement reflects our commitment to sharpening our focus, lowering our expense structure and strengthening our balance sheet. Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market.”

Kenneth Hao, chairman of Silver Lake, said that Altera would continue to make use of Intel to provide US-based foundry services and that it would be engaging in AI-driven markets such as edge computing and robotics.

Altera made an operating loss of US$615 million on revenues of US$1.54 billion in the fiscal year 2024. On conclusion of the transaction Intel will deconsolidate Altera’s finances from those of Intel. The deal is expected to close in 2H25, subject to customary closing conditions.