Intel-Backed Altera Files Confidentially for IPO

Altera, the programmable-chip company backed by Intel and Silver Lake, has confidentially submitted a draft registration statement for a proposed U.S. initial public offering. The company has not yet set the number of shares or pricing, and the offering remains subject to regulatory review and market conditions. Altera supplies field-programmable chips for data centers, artificial intelligence, telecommunications, industrial automation, robotics, aerospace and defense. The IPO would advance Intel’s restructuring after it sold a 51% controlling stake in Altera to Silver Lake in a deal that valued the business at $8.75 billion, while retaining a 49% interest; Reuters previously reported the offering could raise more than $2 billion.