Santa Clara, California. San Jose, California. Menlo Park, California, April 14, 2025 – Intel Corporation today announced it has signed a decisive agreement to sell 51% of its Altera business to Silver Lake, a global leader in technology investment.
The deal, which values Altaa at $8.75 billion, establishes Altera’s operational independence and makes it the largest purely play Field Programmable Gate Array (FPGA) Semiconductor Solutions Company. Altera offers a proven, highly scalable architecture and toolchain, focusing on fostering growth and FPGA innovation to meet the demands and opportunities of an AI-driven market.
Intel owns the remaining 49% of the Altera business and will be able to participate in Altera’s future successes while focusing on its core business.
Intel also announced on May 5, 2025 that Raghib Hussain will take over Sandra Rivera as CEO of Effective Altera. Hussein is a highly skilled and visionary technology executive with strong business insight and engineering qualifications. He joined Altera from his previous role as president of Marvel’s products and technology. Before joining Marvell in 2018, Hussain served as Chief Operating Officer of Cavium, the company he co-founded. Prior to Cavium, Hussain took an engineering role in both Cisco and Cadence, finding the enterprise security company VPNet.
“Today’s announcement reflects our commitment to sharpen our focus, lowering our expense structure and strengthening our balance sheet,” said Lip-Bu Tan, CEO of Intel. “Altera continues to reposition its product portfolio to grow rapidly in the FPGA market and participate in the most profitable segments. We appreciate Sandra’s strong leadership and lasting impact throughout her 25-year Intel career, and wish her continued success as she begins a new chapter. The trade is being made as industry expertise will help Altera accelerate her efforts and unlock Intel’s additional economic value.”
“This investment represents a generational opportunity to invest in sophisticated semiconductor scale leaders. With Raghib, we will strengthen Altera’s technology leadership position and focus on investing in emerging AI-driven markets such as edge computing and robotics.” “We look forward to working closely with Intel as a strategic partner that continues to provide complementary engagement with US casting services and customers.”
“We are excited to lead Altera in the next chapter. This milestone with Silver Lake will encourage Altera’s journey to become the world’s number one FPGA solution provider,” Hussein said. “Based on by Silver Lake’s strong track record, Altera is well suited to provide breakthrough FPGA-based solutions that will build momentum and shape the future of AI-powered computing.
Altera has been at the forefront of driving FPGA innovation for over 40 years. The company offers key, easy-to-use, easy-to-deploy, programmable solutions in strategically important segments such as industry, communications, data centers, military, aerospace, government, and emerging markets such as AI/Edge and Robotics. Our broad portfolio of programmable semiconductor solutions, software and development tools provide the reliability and flexibility needed to accelerate customer technology innovation.
The transaction is expected to close in the second half of 2025 subject to customary closure conditions.
Upon closing, Intel expects to integrate Altera’s financial results from Intel’s integrated financial statements. In 2024, Altera generated $1.54 billion, a total GAAP margin of $361 million, and an operating loss of $615 million. Altera’s gross non-GAAP profit margin in 2024 was $769 million, while non-GAAP operating profit was $35 million. The adjustments between GAAP and non-GAAP measurements are shown below.
Morgan Stanley & Co. LLC served as financial advisor for Intel.
Forward-looking statements
This release contains forward-looking statements that contain many risks and uncertainties, including many risks and uncertainties, including terms and conditions and expected timing to close the sale of dominant interest in Altera and the potential profits of sales to Intel and Altera. Such statements include risks and uncertainties in which actual results differ materially from those expressed or implied, including: An event, change, or other situation that could cause the end of a transaction. The expected profits of the transaction as a result of increased Altera’s independence may not be realized. The risk of future losses in the Altera business by Intel as a result of the sale of control over Altera. Any disputes or potential litigation relating to the transaction or ownership, management or operation of the Altera Business, including in connection with Intel. Unexpected costs associated with Altera businesses that may trade or occur. Risks related to the retention of major Altera staff and clients. Risks associated with a pending management attention shift in transactional attention. Potential side effects or changes in business relationships resulting from the announcement or completion of a transaction. Changes in demand for Altera’s semiconductor products. High levels of competition and rapid technological change in the semiconductor industry. Other risks and uncertainties mentioned in Intel’s 2024 Form 10-K and other submissions to the SEC.
Given these risks and uncertainties, readers are warned not to undue reliance on such forward-looking statements. Readers will be urged to carefully review and consider various disclosures made in this release and other documents, and will submit from time to time to the SEC to disclose any risks and uncertainties that may affect our business.
All information in this press release reflects the Intel admin view as of the date in this document, unless a previous date is specified. Intel does not implement or expressly deny any such statements to update any such statements as new information, new developments, or other consequences, except to the extent that disclosure may be required by law.
Non-GAAP Financial Indicators
This release contains references to non-GAAP financial measures. Altera Non-GAAP Total Profit Ratio and Altera Non-GAAP Operating Income/(Loss) Measures. Below is a reconciliation of these measures with the most direct and comparable GAAP financial measures. Non-GAAP financial measures disclosed herein should not be considered as an alternative or superior to financial measures prepared in accordance with GAAP. See “Non-GAAP Measures Explanation” in Intel’s revenue release dated January 30, 2025. See for a detailed explanation of comparable GAAP measures, how management uses non-GAAP measurements, and why managers believe non-GAAP measures provide useful supplementary information to investors.
On December 28th, 2024, the 12 months ended.
About Intel
Intel (NASDAQ: INTC) is an industry leader, creating global technologies that enable global advancements and enrich life. Inspired by Moore’s law, we are constantly working to advance the design and manufacturing of semiconductors to address our customers’ biggest challenges. Embedding intelligence into cloud, networks, edge and any kind of computing device, unlocks the possibilities of data that will better transform business and society. To learn more about Intel’s innovation, visit Newsroom.intel.com and Intel.com.
About Altera
Altera is a leading supplier of programmable hardware, software and development tools for electronic system designers to innovate, differentiate and succeed in the market. With its wide portfolio of industry-leading FPGAs, SOCs and design solutions, Altera can accelerate time to market and unparalleled performance in applications spanning data centers, communications, industry, automotive and more. For more information, please visit www.altera.com.
About Silver Lake
Silverlake is a global technology investment company with approximately $100 billion in managed assets and committed assets, as well as a team of experts based in North America, Europe and Asia. Silver Lake’s portfolio company collectively generates nearly $252 billion in revenue per year and employs around 433,000 people worldwide.
