India, April 18 -- Intel Corp. has entered into a definitive agreement to sell 51% of its Altera business to Silver Lake, a global leader in technology investing.

The transaction, which values Altera at $8.75 billion, 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 w...