Intel to sell majority stake in Altera for $4.46 billion to fund revival effort

The deal, announced on Monday, values Altera at $8.75 billion, a sharp decline from the $17 billion Intel paid in 2015. The sale will provide Intel a cash boost as the chipmaker aggressively cuts costs to bolster its balance sheet, while it invests in a capital-intensive undertaking to become a contract manufacturer. Shares of Intel were up 3.9% in premarket trading.