Intel Stock Rises on Report That It Might Sell a Stake in Its Altera Business
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Costfoto / NurPhoto via Getty Images' title='Intel's stand at a conference in China in September. '>
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Key TakeawaysIntel is reportedly seeking investors to take a minority stake in its Altera programmable chipmaking division.CNBC said Intel is seeking a valuation of about $17 billion for Altera stake.Intel bought Altera in 2015. It launched it as a standalone company in February with plans to eventually seek an IPO.
Intel (INTC) shares rose Friday, lifted by indications that it is looking for a big outside investment in its Altera programmable chipmaking unit.CNBC late Thursday reported that the company is looking to sell a minority stake in Altera that values the business about $17 billion. Intel purchased Altera in 2015 for $16.7 billion, launching it as a standalone company in February, with the intention of spinning it off in an initial public offering (IPO).When reached by Investopedia, Intel declined to comment.Intel has been taking steps to try to shore up its finances, including exploring sales of some of its its various divisions, although none has come to fruition. The stock, recently up about 1%, has lost more than half of its value this year.CNBC noted that the company has reached out to several private equity and strategic investors this week about Altera. It added that Intel even discussed the possibility those investors could take a majority stake in the business. UPDATE—This story has been updated with Intel's response and the latest stock price movement. Read the original article on Investopedia.
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