‘Once-in-a-generation opportunity’: Silver Lake may have struck gold with controlling majority in chip designer once worth almost $17bn

• Intel sells 51% of Altera to Silver Lake for $4.46bn, valuing business at $8.75bn
• Altera gains independence as largest pure-play FPGA semiconductor company
• Raghib Hussain named new CEO as Intel shifts its strategic focus

Intel, now under the leadership of new CEO Lip-Bu Tan, has been facing a number of challenges in recent years, to the point where it was rumored the tech giant could sell off its chip-design and marketing business or spin off its chip plants.

Whether that will happen in the future remains to be seen, but Intel says it has signed a definitive agreement to sell 51% of its Altera business to Silver Lake for $4.46 billion.