On April 14, 2025, Intel Corporation has agreed to sell a 51% stake in its Altera business to private equity firm Silver Lake in a transaction that values Altera at US$8.75 billion (approximately C$11.93 billion). The deal, expected to close in the second half of 2025, will establish Altera as an operationally independent entity, making it the world’s largest pure-play field programmable gate array (FPGA) semiconductor company. Intel will retain a 49% interest, enabling continued strategic and financial participation. Altera, with 2024 revenues of US$1.54 billion, aims to advance FPGA innovation in AI-driven markets such as edge computing and robotics.

Raghib Hussain, a veteran executive with prior leadership roles at Marvell and Cavium, will succeed Sandra Rivera as CEO effective May 5, 2025. The transaction marks a strategic realignment for Intel, allowing it to streamline operations and improve its balance sheet while collaborating with Silver Lake to unlock Altera’s potential.

Morgan Stanley & Co. LLC served as financial advisor to Intel. Skadden, Arps, Slate, Meagher & Flom LLP advised Intel legally, while Latham & Watkins LLP represented Silver Lake. McCarthy Tétrault LLP acted as Canadian counsel to Silver Lake Partners, with a broad multidisciplinary team led by Ian Mak, Victoria de Luna, and Heidi Gordon. The transaction underscores investor confidence in the FPGA sector's role in next-generation computing infrastructure, particularly in AI and industrial applications.