On April 13, 2025, Raghib Hussain, President of Products and Technologies at Marvell, announced his resignation to become CEO of another company. -StreetInsider
That company is now confirmed to be Altera, Intel’s programmable chip unit. In a major strategic shift, Intel has sold a 51% stake in Altera to private equity firm Silver Lake for $4.46 billion, valuing the business at $8.75 billion. The move is part of Intel's broader plan to streamline operations and refocus on its core chip design and manufacturing business.
Intel acquired Altera in 2015 for $16.7 billion. While FPGAs (field-programmable gate arrays) are critical in telecom, defense, and AI applications, Altera accounted for just 3% of Intel's 2024 revenue and posted a $615 million operating loss.
Intel will retain a 49% stake, positioning itself to benefit from Altera’s future growth while stepping back from day-to-day operations. The transaction is expected to close in the second half of 2025, pending regulatory approvals. Intel
Raghib Hussain will officially become CEO of Altera on May 5, 2025, taking over from Sandra Rivera. Hussain co-founded Cavium and previously served as COO before its acquisition by Marvell, where he led product and technology strategy. His leadership is expected to energize Altera’s efforts in the competitive and growing FPGA space.
Silver Lake’s Ken Hao said their investment and Hussain’s leadership will strengthen Altera’s tech position and fuel growth in AI markets like edge computing and robotics. Hussain is expected to use his AI and networking chip expertise to expand beyond Altera’s core FPGA focus. - BusinessWire
Intel CEO Lip-Bu Tan emphasized that the partnership with Silver Lake will allow Altera to move faster in key markets like AI and advanced data processing. Investors responded positively—Intel’s stock rose 3.2% following the announcement.
