Intel Stock Rises on Report That It Might Sell a Stake in Its Altera Business

Oct 18, 2024

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Intel (INTC) shares rose Friday, lifted by indications that it is looking for a big outside investment in its Altera programmable chipmaking unit.

CNBC late Thursday reported that the company is looking to sell a minority stake in Altera that values the business about $17 billion. Intel purchased Altera in 2015 for $16.7 billion, launching it as a standalone company in February, with the intention of spinning it off in an initial public offering (IPO).

Intel did not immediately respond to Investopedia's request for comment.

Intel has been taking steps to try to shore up its finances, including exploring sales of some of its its various divisions, although none has come to fruition. The stock, recently up more than 1%, has lost more than half of its value this year.

CNBC noted that the company has reached out to several private equity and strategic investors this week about Altera. It added that Intel even discussed the possibility those investors could take a majority stake in the business.

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CNBC. “Intel seeks billions for minority stake in Altera business, sources say.”

Intel. “Intel Acquisiton of Altera.”

Intel. "Intel Launches Altera, Its New Standalone FPGA Company."