Intel completes sale of 51% of Altera to a Silver Lake affiliate on Sep 12, 2025

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Intel has completed the sale of a 51% stake in Altera, a business it owned outright, to an affiliate of Silver Lake. The sale closed on Sep 12, 2025, according to an 8-K that Intel filed on Sep 15; an 8-K is the report a US-listed company files with the SEC when a material event occurs, and item 2.01 is the item for a completed acquisition or sale of assets. The 8-K says the purchaser acquired the 51% of Altera's equity interests for an equity value of approximately $3.3 billion, meaning the value of the shares alone, before debt, and that Intel keeps the other 49%. At the closing, Intel and the purchaser also each contributed their Altera interests to a newly formed limited partnership and signed an amended and restated partnership agreement that sets each party's rights and responsibilities.1^,2^,3^,4^,5^,6^,7^,8

Intel, its subsidiary Intel Americas, Altera and the Silver Lake affiliate entered into the transaction agreement on Apr 14, 2025, under which Intel would sell a majority interest in Altera.2^,9

The 8-K says Intel's consolidated results for Q3 2025 reflect Altera from Jun 29, 2025 through Sep 11, 2025, and that from the closing on Sep 12, 2025 Intel accounts for its minority investment in Altera under the equity method of accounting. Altera's results as an Intel segment in the first half of 2025 included revenue of $816 million at a gross margin of 55%, with operating expenses of $356 million. The 8-K also says Intel lowered its full-year 2025 target for non-GAAP operating expenses to $16.8 billion from $17 billion to reflect Altera no longer being consolidated in its results, and that its 2026 operating expense target of $16 billion is unchanged. Non-GAAP is Intel's own measure, which leaves out items such as share-based compensation.10^,11^,12^,13

We hold the text of this 8-K's items 2.01, 7.01 and 9.01 and not its other exhibits, and our records of the deal hold this one document, which words an equity value in a single sentence and states no premium or enterprise value; earlier steps of a deal may be missing from them.14^,15