Silver Lake signs contract for interests of Intel’s Altera unit

(Bloomberg) – Silver Lake Management is in exclusive talks to acquire a majority stake in Intel Corp.’s programmable chips unit, people with knowledge of the matter said.

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Private corporations are destroying the details of their investment in Altera, where multi-purpose chips are deployed primarily in telecommunications networks, according to people.

The discussion is at a high level, but the exact size of the stake has not been determined, people said. Consultations could still be delayed or declined, they said.

A spokesperson for Intel and Silver Lake declined to comment.

Intel shares rose 17% on Tuesday, the largest intraday profit in almost five years. The stock was boosted early in the day due to speculation that Intel could potentially dissolve in a deal involving Taiwan Semiconductor Manufacturing Co. Intel’s shares rose about 15% at 3:37pm in New York, giving the company about market value. $117 billion.

Intel, based in Santa Clara, California, agreed to pay around $17 billion to acquire Altera in 2015.

Intel said last year it was about to sell its stake in Altera. Bloomberg News reported in November that Altera was attracting interest from Lattice Semiconductor Corp. and a group of acquisition companies. Those familiar with the issue said that some suitors valued Altera at just $9 billion.

Once dominated in the chip industry, Intel has lost its rival market share in recent years and has missed the move to artificial intelligence accelerators. Intel’s board of directors expelled chief executive Pat Gelsinger last year after his comeback plan slowed down to gain momentum, and the company was looking for a new leader.

– Support from Ian King.

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