The transaction of $16.7 billion for the integration of Altera Corporation has been completed, according to a press release published on Monday by Intel Corporation, which announced moves into car autopilots and artificial intelligence. The acquired company, based in San Jose, California, continues to operate as Intel's unit named Programmable Solutions Group, headed by Altera's Dan McNamara, who kept the position of vice president and general manager.
Intel, major microprocessor manufacturer headquartered in Santa Clara, California, said the acquired entity complements its portfolio and expands the potential for product classes with its field-programmable gate array (FPGA) technology, which includes reprogramming abilities. Altera also develops programmable logic devices (PLDs), design software, power converters and other product classes. The all-cash deal of $54 per share was announced on June 1.
"We will apply Moore's Law to grow today's FPGA business, and we'll invent new products that make amazing experiences of the future possible – experiences like autonomous driving and machine learning," said Brian Krzanich, chief executive of Intel. Moore's Law is the standard of doubling chip processing power in cycles of two years.
Intel's shares were 0.34% down at $34.86 at 9:00 p.m. CET in New York, while the Nasdaq 100 index retreated 0.19%. The S&P 500 fell 0.34% at 9:17 p.m. CET.
