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Altera Corp.

Intel buying Altera for $16.7 billion in latest chip deal

Intel buying Altera for $16.7 billion in latest chip deal

Intel Corp., the Santa Clara microprocessor giant and pillar of Silicon Valley, joined the merger wave sweeping through the industry by agreeing to purchase smaller chip maker Altera Corp. for $16.7 billion in cash. It's the second big deal in a week in a chip industry that is consolidating to adapt to slowing growth. On Thursday, Avago Technologies Ltd. agreed to buy Broadcom Corp. in Irvine for $37 billion in the largest merger on record in the tech industry. The Intel-Altera marriage announced Monday has been expected. There were reports this spring that Intel was negotiating to acquire Altera as a way to diversify its product line and expand sales. Intel agreed to pay $54 a share...

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