Intel has agreed to sell a 51% stake in its Altera business to Silver Lake in a deal that values the programmable semiconductor company at $8.75 billion. The transaction sets Altera on a path to operational independence, positioning it as the largest standalone provider of field-programmable gate array (FPGA) solutions. Intel will retain a 49% minority stake, allowing it to remain involved while sharpening its focus on core business segments and improving its balance sheet.
Altera’s incoming CEO, Raghib Hussain, will assume leadership on May 5, 2025, replacing longtime Intel executive Sandra Rivera. Hussain previously served as President of Products and Technologies at Marvell and co-founded Cavium before its acquisition by Marvell in 2018. His appointment underscores Silver Lake’s aim to boost Altera’s growth in FPGA applications across AI, edge computing, and robotics.
Intel expects to deconsolidate Altera’s financials once the transaction closes in the second half of 2025. In FY2024, Altera posted $1.54 billion in revenue, a GAAP gross margin of $361 million, and a non-GAAP operating income of $35 million. Intel will continue to support Altera with U.S.-based foundry services and customer collaboration through its strategic stake.
- Intel selling 51% of Altera to Silver Lake for $8.75 billion valuation
- Altera becomes the largest pure-play FPGA company
- Intel retains 49% stake and will deconsolidate Altera’s financials upon close
- Raghib Hussain appointed CEO, effective May 5, 2025
- FY2024 Altera revenue: $1.54 billion; non-GAAP operating income: $35 million
- Closing expected in 2H 2025, subject to regulatory approval
- Altera targets key markets: AI, edge computing, industrial, data center, aerospace, defense
“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 Raghib Hussain.
