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Apr 14, 2023Report: Intel desperately seeks to raise cash, plans to sell Altera stake - Neowin
Karthik Mudaliar Neowin @heykarthikm · Oct 18, 2024 03:18 EDT with 0 comments
Intel a.k.a. Team Blue is desperate to get some cash as the company's struggle with declining stocks, increased competition, the "Arm" race as well as the AI boom is evident. Now, reports indicate that Intel could be planning to sell a stake in Altera, worth billions of dollars.
Intel had acquired Altera back in 2015 for around $16.7 billion, for its speciality in field-programmable gate arrays (FPGAs). FPGAs are used in a variety of applications such as data centers, automotive technology, telecommunications, and even military equipment. Altera was then integrated into Intel's Programmable Solutions Group (PSG).
However, earlier this year, Intel re-launched Altera as a standalone entity for its FPGA division so that it can focus dedicatedly on its FPGA offerings, claiming that it has a projected $55 billion market opportunity. There were also plans for getting additional funds for Altera via an initial public offering (IPO), which could happen somewhere in 2026.
However, not all is good for Intel with its cash problems. CEO Pat Gelsinger's ongoing restructuring is still underway, while the company navigates with revenue declines and stiff competition from firms like Nvidia, and has seen its market cap plummeting below $100 billion, pushing the company to consider immediate remedies like selling a stake in Altera. Altera CEO Sandra Rivera had previously said that the plan for IPO has not changed and is still underway.
There were also rumors about the company itself going for sale, with players like Qualcomm and Arm Holdings expressing interest. Last month, Arm had reportedly approached Intel to buy its product division, but Intel rejected the offer saying that it was not for sale. Even Qualcomm is interested in Intel's product division, which is responsible for the design of semiconductors, but has decided to hold on making any official offers until the end of the U.S. elections.
Via CNBC
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