SANTA CLARA, SAN JOSE and MENLO PARK, CA, Apr 15, 2025 – Intel Corp. has entered into a definitive agreement to divest a 51% stake in its Altera business to Silver Lake, a leading global technology investment firm.
The transaction, which values Altera at $8.75 billion, establishes Altera’s operational independence and makes it the leading pure-play FPGA (field programmable gate array) semiconductor solutions company. Altera offers scalable architecture and a toolchain and focuses on driving growth and FPGA innovation to meet the demands and opportunities of an AI-driven market.
Intel will retain 49% of Altera, allowing it to share in future success while focusing on its core business.
Intel announced that Raghib Hussain will succeed Sandra Rivera as chief executive officer of Altera, effective May 5, 2025. Hussain is an accomplished technology executive with stark business acumen and engineering credentials. He joins Altera from his previous role as president of products and technologies at Marvell. Before Marvell, Hussain was chief operating officer of Cavium, a company he co-founded. Earlier, he held engineering roles at Cisco and Cadence and helped found VPNet, an enterprise security company.
“Today’s announcement reflects our commitment to sharpening our focus, lowering our expense structure and strengthening our balance sheet,” said Lip-Bu Tan, chief executive officer of Intel. “Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market. 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. Raghib is a superb executive we selected to lead the business forward based on his vast industry experience and proven track record of success. We look forward to partnering with Silver Lake upon closing of the transaction, as their industry expertise will help to accelerate Altera’s efforts and unlock additional economic value for Intel.”
“This investment represents a once-in-a-generation opportunity to invest in a scale leader in advanced semiconductors. Together with Raghib, we will be focused on strengthening Altera’s technology leadership position and investing in emerging AI-driven markets such as edge computing and robotics,” said Kenneth Hao, chairman and managing partner of Silver Lake. “We look forward to working closely with Intel as a strategic partner who will continue to provide U.S.-based foundry services and complementary engagement with customers.”
“I am excited to lead Altera in its next chapter, and this milestone with Silver Lake furthers Altera’s journey to be the world’s No. 1 FPGA solutions provider,” said Hussain. “Backed by Silver Lake’s strong track record and now with clarity of focus as an independent company, Altera is well-positioned to build on its momentum and deliver breakthrough FPGA-based solutions that are shaping the future of compute driven by AI. I am grateful for the impact Sandra has made and the team she has built as we begin Altera’s next phase of growth.”
The transaction is expected to close in the second half of 2025, subject to customary closing conditions.
Source: Intel
About Intel
Intel Corporation, founded in 1968 and headquartered in Santa Clara, CA, is a global leader in semiconductor technology. The company designs and manufactures microprocessors, integrated graphics chips, network interface controllers, chipsets, and system-on-chip (SoC) solutions. Intel’s products power a range of computing applications, including PCs, data centers, AI platforms, Internet of Things (IoT) devices, and automotive systems. It serves industries such as cloud computing, enterprise IT, telecommunications, defense, healthcare, and consumer electronics. In recent years, Intel has expanded into advanced manufacturing and foundry services through Intel Foundry, aiming to support global semiconductor supply chains. In 2024, the company reported annual revenue of $53.1 billion. As of December 2024, Intel employed approximately 108,900 individuals worldwide. Intel’s global reach includes nearly 2,000 customers and a supply chain encompassing around 16,000 suppliers across 200 countries. The company continues to invest in innovation and advanced process technologies, including IDM 2.0 strategy, to regain process leadership and support next-gen computing workloads.
About Altera
Altera, originally founded in 1983 and acquired by Intel in 2015, is a semiconductor company specializing in field-programmable gate arrays (FPGAs), structured ASICs, and related technologies. Headquartered in San Jose, CA, Altera designs high-performance programmable logic devices that enable hardware-level customization and acceleration, making them well-suited for applications across data centers, telecom, automotive, industrial, aerospace, and defense sectors. Its portfolio supports workloads such as AI inference, 5G infrastructure, embedded computing, and edge processing. Altera’s operations have contributed to Intel’s Data Center and AI Group revenue, which totaled $15.5 billion in 2024. The company is positioned to play a significant role in reconfigurable computing.