Key Takeaways Intel said it will sell a 51% stake in its Altera programmable chips unit to Silver Lake, a tech-focused private equity firm.The deal values Altera at $8.75 billion, and will leave Intel with a 49% stake.

The semiconductor company said it will own 49% of the Altera business, which it added will allow it to participate in Altera’s future success while focusing on its core business. Intel is on the clock to turn things around,

Beleaguered chip maker Intel has been looking for ways to capitalize on non-core, not large, but profitable parts of its business to raise funds for its