Intel (INTC) confirmed it will buy chip designer Altera (ALTR) for $54 a share in an all-cash deal valued at about $16.7 billion. Intel said the combination is expected to enable new classes of products that meet customer needs in the data center and Internet of Things market segments. The companies also expect to enhance Altera’s products through design and manufacturing improvements. Intel CEO Brian Krzanich said in a statement, ‘With this acquisition, we will harness the power of Moore’s Law to make the next generation of solutions not just better, but able to do more.’ The transaction has been approved by the boards of both companies. It is subject to regulatory approvals and the approval of Altera’s stockholders.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
