Newsroom Raghib Hussain appointed chief executive officer of Altera 2025 – Intel Corporation today announced that it has entered into a definitive agreement to sell 51% of its Altera business to Silver Lake establishes Altera’s operational independence and makes it the largest pure-play FPGA (field programmable gate array) semiconductor solutions company Altera offers a proven and highly scalable architecture and tool chain and is focused on driving growth and FPGA innovation to meet the demands and opportunities of an AI-driven market Intel will own the remaining 49% of the Altera business enabling it to participate in Altera’s future success while focusing on its core business Intel also announced that Raghib Hussain will succeed Sandra Rivera as chief executive officer of Altera Hussain is a highly accomplished and visionary technology executive with strong business acumen and engineering credentials He joins Altera from his previous role as president of Products and Technologies at Marvell Hussain served as chief operating officer of Cavium a company he co-founded. Prior to Cavium Hussain held engineering roles at both Cisco and Cadence and helped found VPNet “Today’s announcement reflects our commitment to sharpening our focus lowering our expense structure and strengthening our balance sheet,” said Lip-Bu Tan “Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market We are grateful for Sandra’s strong leadership and lasting impact throughout her 25-year Intel career and wish her continued success as she begins a new chapter Raghib is a superb executive we selected to lead the business forward based on his vast industry experience and proven track record of success We look forward to partnering with Silver Lake upon closing of the transaction as their industry expertise will help to accelerate Altera's efforts and unlock additional economic value for Intel.” “This investment represents a once-in-a-generation opportunity to invest in a scale leader in advanced semiconductors we will be focused on strengthening Altera’s technology leadership position and investing in emerging AI-driven markets such as edge computing and robotics,” said Kenneth Hao chairman and managing partner of Silver Lake “We look forward to working closely with Intel as a strategic partner who will continue to provide U.S.-based foundry services and complementary engagement with customers.” “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 Hussain “Backed by Silver Lake’s strong track record and now with clarity of focus as an independent company Altera is well-positioned to build on its momentum and deliver breakthrough FPGA-based solutions that are shaping the future of compute driven by AI I am grateful for the impact Sandra has made and the team she has built as we begin Altera’s next phase of growth.” Altera has been at the forefront of driving FPGA innovations for more than 40 years The company provides leading programmable solutions that are easy-to-use and deploy in a range of strategically important segments such as industrial as well as emerging markets such as AI/edge and robotics Its broad portfolio of programmable semiconductor solutions software and development tools deliver the reliability and flexibility needed to accelerate customer technology innovation The transaction is expected to close in the second half of 2025 Intel expects to deconsolidate Altera’s financial results from Intel’s consolidated financial statements Altera generated revenues of $1.54 billion GAAP gross margin of $361 million and GAAP operating loss of $615 million Altera’s Fiscal Year 2024 non-GAAP gross margin was $769 million and non-GAAP operating income was $35 million Reconciliations between the GAAP and non-GAAP measures are provided below This release contains forward-looking statements that involve a number of risks and uncertainties including with respect to the terms and anticipated timing of closing the agreed upon sale of a controlling interest in Altera and the potential benefits of such sale to Intel and Altera Such statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied including:  the risk that the transaction may not be completed in a timely manner or at all including as a result of a failure to receive regulatory approvals; the occurrence of any event change or other circumstance that could give rise to the termination of the transaction; the risk that the expected benefits of the transaction including as a result of the increased independence of Altera may not be realized; the risk of future loss of the Altera business by Intel as a result of the sale of a controlling interest in Altera; disputes or potential litigation related to the transaction or the ownership control and operation of the Altera business readers are cautioned not to place undue reliance on such forward-looking statements Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business All information in this press release reflects Intel management views as of the date hereof unless an earlier date is specified except to the extent that disclosure may be required by law This release contains references to non-GAAP financial measures: Altera non-GAAP gross margin and Altera non-GAAP operating income / (loss) measures Set out below are reconciliations of these measures to the most directly comparable GAAP financial measures The non-GAAP financial measures disclosed herein should not be considered a substitute for the financial measures prepared in accordance with GAAP Please refer to “Explanation of Non-GAAP Measures” in Intel’s earnings release dated Jan 2025 for a detailed explanation of the adjustments made to the comparable GAAP measures the ways management uses the non-GAAP measures and the reasons why management believes the non-GAAP measures provide investors with useful supplemental information and development tools are optimized to drive developer productivity and intelligent compute across a broad range of use cases New edge-optimized processors and FPGAs bring AI everywhere across edge computing markets including retail Altera prioritizes customers with end-to-end FPGAs Intel establishes an independent FPGA company to accelerate industry innovation © Intel Corporation. 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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world making good on plans to start spinning off non-core assets The transaction values Altera at $8.75 billion, according to a statementBloomberg Terminal on Monday about half what Intel paid for it a decade ago Intel will continue to hold a 49% stake in the business The deal is expected to close in the second half of 2025 Bloomberg reported previously on the talks between the two companies Essential digital access to quality FT journalism on any device Complete digital access to quality FT journalism with expert analysis from industry leaders Complete digital access to quality analysis and expert insights complemented with our award-winning Weekend Print edition Terms & Conditions apply Discover all the plans currently available in your country Digital access for organisations. Includes exclusive features and content. See why over a million readers pay to read the Financial Times. The days of stumbling into the cozy neighborhood shop and being guided to your perfect block of fromage will soon end as Say Cheese — which also sells gourmet sandwiches and goods — is set to close permanently after nearly 53 years of business. Wednesday, April 23, will be its last day open to the public. “I’ve had the privilege of seeing your children grow up, graduate, marry, and start families of their own,” Harrell wrote in a letter that he taped to the shop’s front window. “I have witnessed the power of community and how food — whether cheese, wine, or something simple — can bring people together in the most meaningful ways.” Food Curate a romantic charcuterie spread for Valentine’s Day with L.A.’s best cheese shops has been on a month-to-month lease since 2021 when new landlords approached him with the first right of refusal on a rent increase to $9,000 per month informed Harrell that they found a new tenant Say Cheese’s lease will officially terminate on April 30 The Kaloostians did not respond to requests for comment Say Cheese was opened in 1972 by Jack and Esther Goldstyn, who ran a deli at the nearby Hub market. After 17 years, the Goldstyns sold Say Cheese to Julie Noyes and her partner Jerri Woods in 1989. Under Noyes, the shop’s footprint expanded to include a cafe Harrell’s first day working at Say Cheese was Oct he had been in senior restaurant management at Nordstrom but after traveling for three months across Europe Upon returning to Silver Lake — Harrell has lived in the neighborhood nearly his entire life — he immediately visited Say Cheese wearing a pressed suit and with a resume in hand The owners initially found Harrell overqualified but agreed to hire him after he promised to stay on through the holiday season — the shop’s busiest time of year Noyes retired and sold the business to Harrell who has further refined Say Cheese’s offerings and service over the past 26 years Harrell had a tradition of giving away Champagne and caviar samples In addition to offering an array of cheeses Say Cheese also boasts a cafe menu with salads and sandwiches (Jessica Miller / For The Times) “There’s something special about his store and what he offers,” said Erika Kaiser a longtime Silver Lake resident and “customer-friend,” as Harrell calls his regulars “He’s the kind of guy who can show you new flavors and open your world “He gets to know all of his customers,” said Meg Williamson ‘I just want to be able to make a living and support my customers and pay my bills. So there’s not a lot of leeway, in other words, to keep prices as low as they could be,’ Los Angeles wine shop owner and wine authority Lou Amdur says. Despite the recent hurdles, and the shop’s general decline in business — when Harrell first took over, he said he had as many as 12 employees and 17 during the holiday season; 26 years later, he has two, including himself — Harrell sees the increased rent as the primary reason for the cheese shop’s closure. Harrell said he had a wonderful relationship with his previous landlord, but the building went through conservatorship, and around five-and-a-half years ago, was listed for auction. Harrell was outbid by the Kaloostians for ownership. A treasure trove of cheeses are displayed in the case at Say Cheese. (Jessica Miller / For The Times) Harrell experienced a wave of emotions when the 30-day notice to vacate arrived on Feb. 28 — the same day as Dunn’s wake. “How do you say goodbye to people in 30 days?” he said. “You can’t.” Some of the city’s most storied restaurants announce closures, fundraisers and a struggle to survive in Los Angeles. Locals are mourning the loss of Harrell as much as the shop itself. “Glenn is a proprietor in the sense that he would sit down and chat with people much in the way the European owners do,” said Sarah Pia Anderson, another “customer-friend” who has known Harrell since 2002. “I looked forward to those conversations that we had at his cafe table because they were as meaningful and as deep as any friendship I’ve ever had.” “He’s one of those people where he’s always there,” said Kaiser. “It’s not just his store.” Glenn Harrell poses with a framed thank-you canvas gifted by the Ivanhoe Elementary Girl Scouts. (From Erika Kaiser) Kaiser has a daughter who attends nearby Ivanhoe Elementary and is the Girl Scout troop leader of the school’s Daisies. Recently, Harrell let the troop sell cookies in front of his store; the girls wrote thank-you cards that Harrell quickly laminated and hung up in the window. “There isn’t much I want to take physically from this business, but I feel like when I get older those will mean a lot to me,” said Harrell, starting to tear up while glancing at the door. “Say Cheese is the cheese,” one note read. “You are the best in the [world] Glenn,” another said. Locals see Say Cheese as an example of the mom-and-pop stores that make Silver Lake special. “You’re drawn to Silver Lake because you like the uniqueness of it,” Kaiser said. “But now even when you drive down Sunset, you’re like, ‘Oh, that’s another chain.’” Moving forward, Harrell said he is looking forward to spending time with his ailing parents and grandmother. A 10-year-old cheese lover laments that rising rents will close a shop that helps make Los Angeles’ Silver Lake neighborhood unique. “I have always been taken care of and I know I will be taken care of,” he said of his future. On the shop’s last day, Harrell will host an open house from 6 to 8 p.m. for close friends and customers to come say farewell. “[Say Cheese] has a wonderful history and he can be proud he carried it for so long,” said Noyes. “What I have learned is community,” said Harrell. “Ultimately, in a word: community.” Karla Marie Sanford, an Atlanta native, is a reporting fellow at the Los Angeles Times. Previously, she worked as a breaking news reporter at the Washington Post. World & Nation Subscribe for unlimited accessSite Map Altera is currently valued at $8.75 billion Whether that will happen in the future remains to be seen but Intel says it has signed a definitive agreement to sell 51% of its Altera business to Silver Lake for $4.46 billion which is quite a drop from nearly $17 billion Intel paid for it in 2015 Altera has been active in FPGA (field programmable gate array) development for over four decades providing programmable semiconductor solutions for use in industries like communications The sale gives Altera operational independence and establishes it as the largest pure-play FPGA semiconductor company in the world allowing it to remain involved while shifting its focus more squarely to its core operations Intel plans to deconsolidate Altera’s financials and non-GAAP operating income of $35 million Sign up to the TechRadar Pro newsletter to get all the top news features and guidance your business needs to succeed previously president of Products and Technologies at Marvell will succeed Sandra Rivera as CEO of Altera on May 5 “This investment represents a once-in-a-generation opportunity to invest in a scale leader in advanced semiconductors,” said Kenneth Hao we will be focused on strengthening Altera’s technology leadership position and investing in emerging AI-driven markets such as edge computing and robotics We look forward to working closely with Intel as a strategic partner who will continue to provide U.S.-based foundry services and complementary engagement with customers.” Lip-Bu Tan described the agreement as a strategic step forward lowering our expense structure and strengthening our balance sheet,” he said In that time he wrote for most of the UK’s PC magazines you will then be prompted to enter your display name GOLDEN TOWNSHIP — Life EMS was dispatched to the Silver Lake Sand Dunes for a Side-By-Side that flipped over causing a possible leg injury to a 36-year-old woman Silver Lake and P2 Capital weigh $5bn+ sale or IPO of Blackhawk Network amid payments sector M&A surge The private equity owners are working with advisers to assess both a full sale and a potential public market return via an initial public offering (IPO) but early interest from other financial sponsors suggests the possibility of one of the largest secondary buyouts in the payments sector this year Silver Lake and P2 originally acquired Blackhawk for $3.5bn and have since expanded its presence in digital and branded payments partnering with leading consumer brands such as Target The potential exit comes amid a wave of consolidation across the payments landscape and platform synergies have become critical competitive advantages Recent landmark transactions include GTCR and FIS’s agreement to sell Worldpay to Global Payments for $24.3bn and AvidXchange also weighing strategic alternatives Silver Lake and P2 could be well-positioned to capitalise on strong private equity appetite for payments infrastructure assets the sale would deliver a significant return on their original investment reinforcing the attractiveness of the payments sector as a value creation opportunity for private equity Silver Lake and Blackhawk declined to comment while P2 Capital Partners did not immediately respond to requests for comment Source: Bloomberg If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com Subscribe to our Newsletter to increase your edge through our newsletter you’ll receive weekly access to what is happening By signing up for our newsletter, you accept our terms and conditions as outlined under pe-insights.com/privacy-policy Intel Corporation announced that it has entered into a definitive agreement to sell 51% of its Altera business to Silver Lake Latham & Watkins LLP represents Silver Lake in the transaction with a corporate deal team led by New York partner Justin Hamill Bay Area partners Chad Rolston and Bret Stancil with associates Rachelle Polsky and Ryan Baker Advice was provided on intellectual property matters by Washington partner Morgan Brubaker and Bay Area partner Tony Klein; on tax matters by Bay Area partner Katharine Moir; on real estate matters by New York partner Michelle Kelban; and on benefits and compensation matters by New York partner Erin Murphy Three students will present a senior project at Montana Technological University’s Techxpo Design Showcase on April 24 2025 that explores the feasibility of generating energy from the Silver Lake Pipeline that delivers industrial water to various industries throughout Anaconda The project is one of more than 86 entered by 165 students into Techxpo Techxpo is a campus-wide event aimed at showcasing the hard work A panel of industry professionals judge the students’ projects and the top project in each category is awarded a cash prize The event is free and open to the community, as well as industry partners, alumni, and local area high school and middle school students. Opening remarks begin at 1:30 pm, followed by judging and an awards reception at 4:30 pm. For more information, visit https://www.mtech.edu/techxpo/ The team presenting the microhydropower project includes Halle Cogley a senior environmental engineering student from Idaho; Sara Nehring a senior mechanical engineering student from Colorado; and Emily Routen a mechanical engineering student from Absarokee Rick Ladouceur’s Senior Design Capstone class It proposes retrofitting already existing infrastructure with turbines to generate electricity from water that is transferred from Silver Lake to Butte via a system of mostly underground pipes “It could generate close to $30,000 worth of power per month,” Nehring said “It’s a substantial amount.” When the team first took on the project the potential amount of power it could generate was only four kilowatts we were just looking at the water that was already within the pipe,” Cogley said “That was the water that was going to the industrial users It was not going to be economical because we would have to add in pumps.” The team worked out a way to increase the volume of gravity-fed water in the system The capacity for power generation soared to 350 kilowatts There are also Endangered Species Act concerns the team had to take into account “There's a bull trout population up at Meyers Dam which is where the pipeline starts,” Nehring said “They’re a threatened species.” The project could one day become a reality The team is glad it had the opportunity to work on the project and we learned to overcome a lot of challenges,” Routen said Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information Source: Smith Collection/Gado/Getty Images The private equity firms are working with advisers to weigh options for the company, said the people, who asked to not be identified because the details aren’t public. They are also considering an initial public offering for the company, the people said. according to people with knowledge of the matter who asked not to be identified discussing private information WME Basketball will retain its current roster of men’s and women’s players — including Luka Dončić Anthony Edwards and Sabrina Ionescu — coaches and front office staff Duffy will be joined by WME Sports co-head and EVP Karen Brodkin who will oversee strategy and operations for the basketball agency as well as head of basketball marketing Carlos Fleming and head of basketball coaches and executives Bret Just WME Group executive chair Ari Emanuel and president and managing partner Mark Shapiro will invest alongside Duffy in the new standalone basketball agency Emanuel and Shapiro are investing in a personal capacity and I are personally excited about continuing to build upon the success of WME Basketball with the stellar leadership team of Bill Bret Just and Karen Brodkin who collectively have built the industry’s leading basketball representation operation,” Shapiro said in a statement provided to SBJ WME will continue to represent retired players and coaches for marketing and other opportunities The potential conflict of interest was created by Michael Dell’s DFO Management family office investing in WME Group parent company Endeavor Group Holdings as part of the take-private transaction Dell is also a minority investor in the San Antonio Spurs having acquired a 10% stake in the team in 2021 and thus is prohibited by NBA guidelines from being involved with player representation A source with knowledge of WME Sports’ plans said the company is in active conversations with the MLBPA and in the later stages of reaching a resolution though no final decision has been reached yet WME Sports will continue to represent golfers “Sports remain a focus for WME,” Shapiro said “We are deeply committed to our world-class clients across tennis and we will remain opportunistic in the space.” WME Basketball will retain its roster of men’s and women’s players -- including Luka Dončić Anthony Edwards and Sabrina Ionescu -- coaches and front office staff as well as Head of Basketball Marketing Carlos Fleming and Head of Basketball Coaches and Executives Bret Just WME Group Executive Chair Ari Emanuel and President and Managing Partner Mark Shapiro will invest alongside Duffy in the new standalone basketball agency KINGSTON -- The Old Guard plus the New Wave looks like a winning formula for the Silver Lake Regional High softball team this spring The Lakers long have been one of the South Shore's premier programs authoring three straight 18-2 regular seasons and making back-to-back Division 2 quarterfinal appearances in 2023 and 2024 This might be shaping up as one the best versions of themselves yet With four-year varsity stalwarts Delaney Moquin and Mady Bryan leading the way and youngsters such as freshman third baseman Megan Arseneau providing unexpected pop 1 power Lincoln-Sudbury (a game halted by the mercy rule in the sixth inning) pushed the Lakers' record to 7-0 More: A 3-home run day: Vote for the High School Softball Player of the Week which visits fellow unbeaten Patriot League heavyweight Plymouth South on Monday I thought," Pina said with a laugh after the L-S win in which the Lakers bunched 10 of their 12 hits and all of their runs into the final three innings put a lot of pressure on them defensively and they were the ones to blink first." It was a particularly impressive vacation week for the Lakers 1 power Central Catholic its first loss and three days later dropped L-S to 5-2 1 last spring and made it to state semifinals 1 quarterfinalist in 2024 with a 21-2 record When L-S and Silver Lake squared off last spring, L-S pitcher Kelsey Blanchette no-hit them in a 2-1 the Lakers knocked Blanchette out with a 6-run fourth inning "It's really impressive to see this early in the season that we can beat teams this high up in the rankings," said Moquin who threw a 2-hit shutout with 11 strikeouts and no walks we're just going to keep getting better from here More: These teams have been a big hit: South Shore high school baseball rankings Moquin was 15-2 in the circle with a 1.37 ERA and 188 strikeouts As a junior she was 19-3 with a 0.47 ERA and 266 K's This spring she's 7-0 with a 0.35 ERA and has fanned 83 with just 4 walks She's also hitting .435 after batting .366 last spring with 11 homers and 40 RBIs While it took the Lakers a little while to break through against L-S Moquin effortlessly kept the game scoreless striking out six of the first eight batters she faced "It all started with Delaney just being on and having a game plan," Pina said "I thought she was pretty masterful in the circle today After Silver Lake erupted for six runs in the bottom of the fourth Moquin responded to an L-S leadoff double in the top of the fifth by striking out the next three batters on nine pitches "She comes in with a game plan and she doesn't get rattled When Delaney is hitting her spots and her spin is on More: Two no-hitters for W-H: South Shore high school sports top performers: April 21-26 also has been a fixture in the Lakers' lineup for years She hit a team-high .464 last spring and is at .421 this season She clubbed her second home run of the year to cap the six-run fourth sending L-S left fielder Claire Gaeta tumbling over the fence as she tried to flag down the rocket "I've been struggling making good contact with the ball but my teammates have kept me up (emotionally)," said Bryan four shy of Emily Critch's career Silver Lake record I Fairfield University) and Bryan (headed to Div III Wheaton College) lead the veteran part of the roster which also includes senior center fielder Alanna Waters senior second baseman Addison Willett and senior right fielder Kenna Slyker who was 4-for-5 with 2 runs and 3 RBIs against L-S "She has been that pot of gold at the end of the rainbow," Pina said "To have a freshman come in and fill a big hole at third (is impressive) but to do it the way she has with great defense and production (at the plate) in that 2 spot (is even better)." Sophomore left fielder Elise Tartaglione (2-for-3 2 RBIs) and new junior catcher Miranda Johnson (2-for-4 Add it all up and the Lakers appear determined to break through the quarterfinal ceiling that they've bumped up against each of the last two seasons "A lot of returning players are still a little sour about the way last season ended," Pina acknowledged "As much as we talk about not thinking about last season you can't help but remember it from time to time." that's the ultimate goal here," Moquin said of winning that elusive state crown "And seeing that we can beat teams that are this good this early in the season We have a chance of winning the whole thing." The WME agency is set to spin out its basketball business and may do the same with its baseball division The plan to divest WME Basketball, which would become an independent venture, comes off the back of Silver Lake completing its acquisition of Endeavor Group Holdings last month in a deal that took the sports and entertainment giant private the portfolio of agency and representation businesses owned by Endeavor with Ari Emanuel moving from being Endeavor chief executive to executive chairman of WME Group As part of its plan to take Endeavor private private equity giant Silver Lake said it would look to divest certain business units which has already seen it sell the likes of OpenBet and IMG Arena Divesting WME Basketball would address some conflicts of interest associated with WME’s parent Endeavor becoming a private company again the conflict of interest stems from Michael Dell’s family office which owns a stake in the National Basketball Association’s (NBA) San Antonio Spurs being an investor in the take-private deal WME Basketball’s NBA clients include Los Angeles Lakers’ Luka Doncic and the Minnesota Timberwolves’ Anthony Edwards According to The Hollywood Reporter the spin out would see Emanuel own WME Basketball alongside WME Group president and managing partner Mark Shapiro and Bill Duffy whose BDA Sports Management firm was acquired by WME in 2023 It was reported earlier this month that a consortium led by Emanuel had outbid CVC Capital Partners to buy tennis’ Madrid Open and Miami Open from Endeavor after tabling an offer north of US$1 billion Emanuel is also part of the group that is acquiring OpenBet and Professional Bull Riders (PBR) from Endeavor in a US$3.25 billion all-stock deal The breaking up of Endeavor’s empire could extend to WME’s baseball representation business as the agency looks to navigate more conflicts of interest However, the Major League Baseball Players Association (MLBPA), which certifies Major League Baseball (MLB) player agents prohibits agents from also having direct or indirect ownership of MLB or MiLB teams or related entities Endeavor found itself in a similar situation when the MLBPA objected to the company buying up MiLB teams. This was resolved when Endeavor sold DBH to Silver Lake in 2022 for US$280 million The need to satisfy conflict-of-interest concerns has already seen WME sell its American football representation business to former Endeavor executive chairman Patrick Whitesell. That was in response to the National Football League Players Association (NFLPA) taking issue with Silver Lake co-chief executive and managing partner Egon Durban holding a minority stake in the Las Vegas Raiders Get access to richer content, exclusive reports, unparalleled business intelligence, and community benefits to help you navigate the next frontier of sport and make more informed decisions with a SportsPro+ Premium membership. Discover more here Already a member? Log in here Intel bought Altera in 2015 for $16.7 billion Intel has reached an agreement to transfer a majority stake in its Altera division to Silver Lake for $4.46 billion which values the business at $8.75 billion The deal is part of Intel's effort to streamline its operations and improve its financial position while making Altera the world's largest pure-play FPGA provider ensuring it continues to benefit from the unit's future performance The transaction enables Altera to function as an independent company focused on programmable logic technologies Altera aims to double down on established fields such as automotive while also targeting growth in areas like artificial intelligence will reduce operational complexity and focus on its primary business areas: CPUs "Today's announcement reflects our commitment to sharpening our focus lowering our expense structure and strengthening our balance sheet," said Lip-Bu Tan "Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market." "We are grateful for Sandra’s strong leadership and lasting impact throughout her 25-year Intel career and wish her continued success as she begins a new chapter," said Tan "Raghib is a superb executive we selected to lead the business forward based on his vast industry experience and proven track record of success as their industry expertise will help to accelerate Altera's efforts and unlock additional economic value for Intel." Intel bought Altera in 2015 for $16.7 billion — its biggest deal ever at the time — viewing the acquisition as a strategic move to broaden its revenue sources and strengthen its role in the data center market Intel sells a controlling stake in Altera for some $4.46 billion as the company is now valued at $8.75 billion a significant decrease from the sum that Intel paid for Altera 10 years ago Get Tom's Hardware's best news and in-depth reviews The deal is expected to be finalized in the second half of 2025 subject to regulatory approval and other conditions Intel will remove Altera’s financial results from its consolidated statements posted a $615 million loss under standard accounting rules but showed a $35 million profit on a non-GAAP basis Energy use in a Kuwaiti city fell by over 50% after authorities cracked down on crypto mining Apple expects to source over 19 billion chips from U.S. factories this year Please enable JS and disable any ad blocker Copyright 2025 The Associated Press. All Rights Reserved. The Intel logo is displayed on the exterior of Intel headquarters in Santa Clara, Calif., Jan. 12, 2011. (AP Photo/Paul Sakuma, File) Intel announced Monday that it was selling the majority of its Altera chip business to technology investor Silver Lake in a deal valued at $8.75 billion. Intel spun Altera off into an independent company earlier this year. Silver Lake’s acquisition of Altera is expected to close in the second half of this year. Intel also announced that Raghib Hussain will succeed Sandra Rivera as chief executive officer of Altera, effective in early May. Intel shares were up 3.2% just after the opening bell Monday. Jonathan Guilford is Breakingviews U.S. Editor, based in New York. He has covered financial news across Europe and the United States for 10 years. He joined Reuters Breakingviews in 2021 from Dealreporter, where he led risk arb coverage strategy from New York while covering the technology, media and telecommunications space. He previously covered the European healthcare services market. He studied English and Italian at Royal Holloway, University of London. , opens new tab Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. , opens new tabScreen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. © 2025 Reuters. All rights reserved Latham & Watkins LLP represented Endeavor in the transaction with a corporate deal team led by New York partners Justin Hamill with associates Daniel Weissman and Nancy Zhu Advice was also provided on tax matters by New York partner Alan Kimball Silver Lake nears $9bn majority stake deal for Intel’s Altera chip unit Intel will retain a significant minority interest in Altera which it originally acquired for $17bn in 2015 The divestment forms part of Intel’s strategy to shed non-core assets and free up capital to invest in new chip fabrication facilities across the US and Europe Altera produces programmable logic chips tailored for artificial intelligence applications making it an attractive asset for private equity investors as demand surges in AI-driven computing Silver Lake entered exclusive negotiations earlier this year after proposing a turnaround plan deemed viable by Intel Chair of Silver Lake and a veteran investor in the semiconductor sector Hao previously played a key role in the formation of Broadcom by spinning out a chip division from Hewlett-Packard This pending deal comes amid broader restructuring at Intel The company recently spun off its venture arm and halted several European projects to stem losses from its chip foundry business Intel replaced CEO Pat Gelsinger with Lip-Bu Tan The US government has taken a keen interest in Intel’s future given its position as the only domestic producer of advanced semiconductors Intel is also reportedly in talks with the Trump administration regarding a possible partnership with TSMC Silver Lake will gain a significant foothold in AI chip infrastructure while Intel strengthens its liquidity to pursue large-scale manufacturing ambitions Source: Financial Times Technology investment firm Silver Lake has agreed to acquire a 51 percent stake in Intel’s Altera business which makes pure-play field programmable gate array In addition to the transaction, Intel said Monday that tech executive Raghib Hussain will assume the role of Altera’s CEO on May 5 The deal values Altera at $8.75 billion and is expected to be completed in the second half of 2025 Intel will own the remaining 49 percent of the Altera business enabling it to focus on its core business while contributing to Altera’s future success “Today’s announcement reflects our commitment to sharpening our focus lowering our expense structure and strengthening our balance sheet,” said Intel CEO Lip-Bu Tan “Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market.” acted as Intel’s financial adviser in the transaction where he was president of products and technologies Hussain was chief operating officer of Cavium He held engineering positions at Cisco and Cadence and helped establish VPNet “Raghib is a superb executive we selected to lead the business forward based on his vast industry experience and proven track record of success,” said Tan Hussain said he was excited to lead Altera on its journey to becoming the world’s top provider of FPGA platforms “Backed by Silver Lake’s strong track record and now with clarity of focus as an independent company Altera is well-positioned to build on its momentum and deliver breakthrough FPGA-based solutions that are shaping the future of compute driven by AI,” he added Altera provides programmable hardware software and development tools for communications government and emerging markets such as AI It has been advancing FPGA innovation for over four decades The business recorded $1.4 billion in revenues a GAAP gross margin of $361 million and a GAAP operating loss of $615 million in fiscal year 2024 The premier source of breaking business news for the government contracting industry to-the-point stories of the most significant contract awards M&A activities and financial results of the sector’s most notable players GovCon Wire is always on top of the most recent contracting sector activity and is updated in real time as the news breaks Important URLs: About us – Government Contracting FAQ – Guest Contributions – 2024 Events values the company at $27.50 per share—representing a 55% premium to its trading price prior to Endeavor’s strategic review.Endeavor shares will be delisted from the New York Stock Exchange following the transaction owns a 61% stake in TKO Group—home to sports brands including UFC and WWE—which will remain listed on the NYSE Silver Lake funded the deal using a mix of new and reinvested equity with participation from Mubadala Investment Company Ari Emanuel will move from CEO to Executive Chairman while continuing as CEO of TKO Mark Shapiro becomes President and Managing Partner of the rebranded WME Group Patrick Whitesell is launching a new investment platform in partnership with Silver Lake WME Group’s portfolio includes the WME talent agency See why over a million readers pay to read the Financial Times UAE-based Khazna Data Centers has taken investment from MGX and Silver Lake Both firms now hold undisclosed minority stakes in Khazna, alongside majority shareholder G42. The deal was first announced in February and has now been confirmed The company described the news as “an exciting new chapter” in its development said: “Our ambition is to enable the growth of artificial intelligence and digital economies by delivering data centers that are designed to handle the high-density computing requirements essential for the applications powering the future economy and now the additional support of MGX and Silver Lake we are well-positioned to accelerate our global expansion plans and enhance our AI-optimized capabilities for a new though the company said it remains a “key business partner.” Its holding in the company has been purchased by G42 for $2.2 billion CEO Hassan Alnaqbi tells DCD about his plans for the future MGX is already working with G42 and oil company Eni to build data centers in Italy. It is also an investor in OpenAI’s Stargate project in the US Silver Lake’s data center investments include a stake in Vantage. It was a lead investor in a $6.4 billion equity funding round announced in January Data Centre Dynamics Ltd (DCD), 32-38 Saffron Hill, London, EC1N 8FH Email. [email protected]DCD is a subsidiary of InfraXmedia You are using an outdated browser. Please upgrade your browser to improve your experience will sell a 51% stake in its Altera field-programmable gate array unit to Silver Lake The companies announced the deal today The transaction values Altera at $8.75 billion just under half what Intel paid to acquire the company in 2015 a private equity firm known for large tech deals will reportedly pay the chipmaker about $3.4 billion in cash is a chip with reconfigurable circuits called logic blocks Engineers can customize details such as the manner in which data flows between the logic blocks and the type of calculations they perform on the data Such low-level optimizations make it possible to significantly increase the speed at which an FPGA runs applications An artificial intelligence startup could buy a set of FPGAs and optimize the chips to run its language models might use the same chips to power its routers FPGAs are often used in situations where customized silicon is necessary for a hardware project but designing a fully bespoke chip from scratch is too expensive Altera introduced the world’s first reprogrammable logic device The chip stored data about its circuits’ configuration in a light-sensitive module By shining an ultraviolet light on the device customers could delete the chip’s existing configuration and reprogram it for a new task Altera offers a range of FPGAs optimized for use in systems such as robots and data center network devices Many of its chips include not only reconfigurable logic blocks but also standard circuits focused on a predefined set of tasks include a quad-core central processing unit based on a design from Arm Holdings plc Intel’s sale of a majority stake in the business is not unexpected it rebranded the FPGA maker to the Programmable Solutions Group Intel restored the unit’s name to Altera and announced plans to spin it off The sale is part of the company’s effort to turn around its business amid increasing competition from rivals such as Nvidia Corp. Lip-Bu Tan, Intel’s newly appointed chief executive, revealed this month that the chipmaker plans to spin off some non-core business units He stated at the company’s Intel Vision conference that the goal is to “redefine some of our strategy and then free up the bandwidth.” Altera was until now led by CEO Sandra Rivera the former head of Intel’s data center and AI business The chipmaker announced today that Raghib Hussain will succeed Rivera as CEO Hussain was previously the president and products of technologies at Marvell Technology Inc. It’s not yet clear where Rivera is headed the private equity firm to which Intel is selling the majority stake in Altera It played a key role in the series of mergers and acquisitions that led to the formation of Broadcom Inc finance its $67 billion acquisition of storage equipment maker EMC Intel expects to close the transaction in the second half of the year OpenAI launches new GPT-4.1 series of language models for developers Intel to sell 51% stake in Altera to Silver Lake at $8.75B valuation Nvidia to mass-produce AI supercomputers in the US Make launches AI agents to handle complex automations in real time tech volatility and the race for AI-driven cloud leadership Google develops AI model to help researchers decode dolphin communication AI - BY MARIA DEUTSCHER INFRA - BY MARIA DEUTSCHER AI - BY KYT DOTSON AI - BY CHAD WILSON Forgot Password? FinanceSilver Lake completes acquisition of Endeavor, forms WME GroupBy Chris Smith03.24.2025 The Endeavor brand will cease to be used publicly with the company’s representation businesses now consolidated under WME Group WME Group Endeavor’s stretch as a public company has officially come to an end after nearly four years The company announced on Monday morning that Silver Lake and its partners have acquired 100% of Endeavor’s outstanding shares Shareholders will be paid $27.50 per share, as originally announced last April The company’s shares will no longer be listed on the New York Stock Exchange Silver Lake’s acquisition is backed by investments from Mubadala Investment Company, Michael Dell’s DFO Management family office, Lexington Partners, funds managed by Goldman Sachs Asset Management and CPP Investments, the investment arm of the Canada Pension Plan The Endeavor brand will cease to be used publicly licensing firm IMG Licensing and content business Pantheon Media Group Endeavor CEO Ari Emanuel will be WME Group’s executive chairman while Mark Shapiro will be the company’s president and managing partner He will lead day-to-day operations alongside WME Group co-chairmen Christian Muirhead and Richard Weitz Shapiro and former Endeavor executive chairman Patrick Whitesell have rolled over equity positions in the company Endeavor also announced today that it has completed the sale of sportsbook tech provider OpenBet to OB Global Holdings a management buyout with backing from Emanuel and OpenBet CEO Jordan Levin Last month, Endeavor completed the sale of IMG On Location and Professional Bull Riders to TKO Group Holdings for $3.25 billion Endeavor maintains roughly 61% ownership of TKO Here's how the Hollywood press and business trades covered today's Silver Lake/Endeavor deal today: Intel first acquired the FPGA chip company in 2015 for $16.7bn Intel has agreed to sell 51 percent of FPGA chip company Altera to private equity firm Silver Lake for $8.75 billion The chipmaker will retain a 49 percent stake in Altera which Intel said will allow it to “participate in Altera’s future success while focusing on its core business.” Hussain previously held the position of president of products and technologies at Marvell “Today’s announcement reflects our commitment to sharpening our focus and strengthening our balance sheet,” said Lip-Bu Tan “Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market.” He added: “We are grateful for Sandra’s strong leadership and lasting impact throughout her 25-year Intel career and wish her continued success as she begins a new chapter… We look forward to partnering with Silver Lake upon closing of the transaction as their industry expertise will help to accelerate Altera's efforts and unlock additional economic value for Intel.” In March 2025, Altera launched its Agilex 3 hardware offering specifically designed for low-power applications the Agilex 3 FPGAs bring high-performance capabilities to low-power applications delivering up to 1.9x higher fabric performance at up to 38 percent lower power when compared to the previous generation of Agilex Data Centre Dynamics Ltd (DCD), 32-38 Saffron Hill, London, EC1N 8FH Email. [email protected]DCD is a subsidiary of InfraXmedia SILVER LAKE — Kendra Cook gave Silver Lake fans an afternoon to remember on Monday The senior pitcher opened the school’s brand-new softball and baseball fields in style Cook delivered a no-hitter in the first-ever game on Silver Lake’s softball diamond She struck out 10 batters and walked just two players “I got the job done and I had my defense behind me and my offense behind me,” Cook said “We’ve got a bunch of fans out here and it’s always a good experience playing Rossville.” High school sports: Here are the top Topeka-area performances from March 31-April 5 featured a ribbon cutting and celebration of Silver Lake athletics The project cost an estimated $4 million according to USD 372 school board president Jason Seele The funds came from a $16 million bond issue in 2023 the project will see a new weight room and a new throwing ring for the track and field programs “Our programs have built a legacy of hard work developing outstanding student-athletes and instilling values that last far beyond the playing field,” Seele said during the ribbon cutting “This new facility is not just a place to play It is a testament to that legacy and a promise to that future.” Silver Lake athletic director David Schooler wanted the entire community to be involved in Monday’s celebration first pitch was a way for all of the school's students to come out and watch the high schoolers battle their rivals “We love having the kids out here for the game and we think it creates a pretty awesome atmosphere when some of the grade school kids get to come out and be a part of the atmosphere,” Schooler said Athlete of the Week: Vote for the Topeka-area's high school Athlete of the Week for March 31-April 5 Paige Heiman hit a solo home run marking the first blast in complex history in the second game The Eagles earned the sweep winning 5-2 in the doubleheader Silver Lake took down Rossville 3-0 in the opening game Cooper Campidilli came away with the first RBI on the new field as he brought home Dysen Schooler in the first inning it was a fastball down the middle and I just took it up the middle,” Campidilli said with a smile Logan Cathcart put together a strong performance pitching a complete game allowing just two hits and striking out three batters in Silver Lake’s win The Bulldawgs would spoil the party in the second game Rossville came away with a 6-5 win in 10 innings Brock Bush scored the winning run on a wild pitch after reaching base on a single The afternoon was perfect for baseball and softball fans The newly constructed fields by Meriden’s Mammoth Sports Construction have created a sports heaven to the east of the former dirt fields This will be the place to play games in Class 3A and around the Big East League for years to come the baseball diamond will host the regional tournament with qualifying for the state tournament on the line hosting postseason events is going to be the norm for Silver Lake “This turf field is really good and I’m really thankful to Mammoth and our school for providing this for us,” Cook said “I think this is really awesome that we are so fortunate to have this Liam Keating covers high school sports for The Topeka Capital-Journal Send stats or information to him at Lkeating@gannett.com By Jeremy Kay2025-03-24T17:33:00+00:00 Ari Emanuel / Mark Shapiro / Patrick Whitesell Silver Lake has finalised a $25bn deal to acquire Endeavor in a move that takes the parent of Hollywood agency WME private and sees founder Ari Emanuel move from CEO to executive chair. Mark Shapiro will lead the renamed WME Group Private equity group Silver Lake and its co-investors have acquired 100% of the outstanding shares in Endeavor The now privately held Endeavor Group Holdings retains its controlling ownership stake in sports and entertainment company TKO Group Holdings Silver Lake said on Monday that when consolidating all of TKO’s value into Endeavor the combined total enterprise value of $25bn at $27.50 per share makes this the largest private equity sponsor public-to-private investment transaction in more than a decade and the largest ever in the media and entertainment sector WME Group will remain focused on representing talent and non-scripted company Pantheon Media Group who most recently served as president and COO of Endeavor who have served as co-chairmen of WME since autumn 2022 are now co-chairmen of WME Group and continue to lead the agency Former Endeavor executive chairman Patrick Whitesell will become the CEO and founder of a new platform in partnership with Silver Lake to invest in and scale properties and IP across sports The equity financing for the Endeavor take private transaction includes a combination of new and reinvested equity from Silver Lake additional capital from Mubadala Investment Company funds managed by Goldman Sachs Asset Management and equity rolled over by individuals including Emanuel Monday’s statement to reporters follows Truth Social Company’s latest foray into genre will open theatrically on October 10 The posting on Trump’s Truth Social platform is sending shockwaves around the world ’Thunderbolts*’ has achieved the third-biggest opening number for a US studio film in 2025 Bookmark this page to keep track of all the latest festival dates Bookmark this page and keep track of the latest film release dates in the UK & Ireland Screen International is the essential resource for the international film industry access to the Screen International archive and supplements including Stars of Tomorrow and World of Locations Site powered by Webvision Cloud The private equity firm Silver Lake Partners LP is reportedly in advanced talks over the purchase of a majority stake in Intel Corp.’s programmable chip business unit Altera having apparently won out over a number of other prospective suitors Bloomberg said in an exclusive report today citing anonymous sources that Silver Lake is now finalizing the finer details of the transaction That suggests the talks are at an advanced stage though it’s not clear yet when a deal may be announced The exact size of Silver Lake’s stake in the unit is also yet to be determined Neither Silver Lake nor Intel responded to requests for a comment on the report Altera is a supplier of field-programmable gate arrays or FPGAs which are specialized computer chips that can be programmed for specific workloads making them more efficient than standard processors Their customizable circuits can be optimized to increase the amount of processing power available for artificial intelligence workloads industrial equipment and various other systems Customers simply adapt the chips to the desired task by modifying the onboard software they cannot be reconfigured for an alternative task Silver Lake was reportedly competing with other private equity firms including Bain Capital LLC and Francisco Partners LLC, which had also expressed an interest in acquiring Altera Silver Lake is very familiar with the technology industry having previously been involved in deals to buy out stakes in companies such as Dell Technologies Inc. the company said publicly for the first time it was looking into Altera as a possible acquisition target Intel previously acquired Altera for almost $17 billion in 2015. It primarily competes against Advanced Micro Devices Inc., which acquired the rival FPGA chipmaker Xilinx Inc and it has failed to establish a significant presence in the market for AI chips Now led by interim co-CEOs David Zinsner and Michelle Holthaus the company looking at various options to cut costs and those measures include selling off businesses such as Altera and its venture capital arm Intel Capital Intel had originally planned to sell a minor stake in Altera and spin it off as a separate company ahead of an initial public offering but it’s not clear if that’s still the plan The stock is now up 29% in the year to date Not everyone agrees that a sale is necessary, however. TheCUBE analysts Dave Vellante and David Floyer argued in their latest Breaking Analysis that it would be better for the U.S. technology industry for Intel to remain independent after selling off its foundry business Last month, Intel reported fourth-quarter earnings and revenue that topped Wall Street’s expectations though its guidance for the current quarter came up light because of tepid demand for data center chips The company continues to search for a permanent successor to Gelsinger OpenAI to make ChatGPT less creepy after app is accused of being 'dangerously' sycophantic but its stock wobbles on light revenue forecast Meta Platforms crushes Wall Street's earnings and revenue targets Microsoft delivers impressive earnings beat OpenText expands restructuring initiative after larger-than-expected sales drop AI - BY JAMES FARRELL INFRA - BY MIKE WHEATLEY APPS - BY MIKE WHEATLEY CLOUD - BY MIKE WHEATLEY BLOCKCHAIN - BY DUNCAN RILEY CLOUD - BY MARIA DEUTSCHER Forgot Password?