Intel has sold its 51% stake in chip-maker Altera for $4.46 billion, marking a significant step under new CEO Lip-Bu Tan to stabilize the company. This sale, expected to close later this year, showcases Intel's strategy to sharpen its focus and improve its financial health, particularly after acquiring Altera for $16.7 billion in 2015. Despite the decreased valuation, the cash flow from this sale is crucial for Intel as it navigates a challenging period following the previous CEO’s tenure and aims to streamline operations moving forward.
Today's announcement reflects our commitment to sharpening our focus, lowering our expense structure and strengthening our balance sheet.
The sale should still provide some cash flow to Intel at a critical juncture.
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