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Bond Market News
Intel to Sell 51% Stake in Altera for $4.46bn
April 15, 2025
Intel is selling a 51% stake in its Altera programmable chip unit to Silver Lake for $4.46bn. This marks the first major move by new CEO Lip-Bu Tan to streamline operations and recover from past missteps. The deal values Altera at $8.75bn, significantly lower than the $17bn Intel paid in 2015. Ridden with financial strain arising due to the former CEO’s manufacturing push, Intel aims to refocus on core businesses and improve its balance sheet. Altera, which contributed just 3% of Intel’s 2024 revenue and posted a $615mn loss, will be deconsolidated after the deal closes in late-2025. Leadership at Altera is also undergoing a change, with Raghib Hussain taking over as CEO. Intel’s delayed integration of Altera production is said to have hurt its competitiveness, allowing AMD-acquired Xilinx to gain ground. Analysts expect Intel to sell more non-core assets like Mobileye to boost cash reserves and sharpen its focus amid mounting AI and CPU competition.
Intel’s bonds were trading positive across the curve, with its 5.2% 2033s up 1.2 points to 97.18, yielding 5.65%.
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