Intel Agrees to Buy Altera for $16.7 Billion

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Intel Agrees to Buy Altera for $16.7 Billion, On-again-off-again deal is latest acquisition in active semiconductor sector, Intel, the kingpin of processor chips, is expected to use Altera’s line of programmable chips to get revenue growth amid a slowdown in personal-computer.

Intel Corp. agreed to buy Altera Corp. for about $16.7 billion in cash, a long-discussed union of Silicon Valley chip makers that would be Intel’s biggest deal ever.

The transaction would help Intel bolster its position in server systems and other equipment found in corporate data centers, the company said, as well as fuel its plans to supply chips for an emerging market called the Internet of Things.

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“We can make the next generation of semiconductors not just better, but truly able to do more,” said Intel chief executive Brian Krzanich during a conference call with analysts.

Under the deal announced on Monday, Altera stockholders would receive $54 a share in cash, around the price the company rejected in April during an earlier round of talks.

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