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Silver Lake now owns 51% of Altera, while Intel retains 49%. The transaction closed on September 12, 2025, so it is no longer a proposed sale. The widely cited $8.75 billion figure is the deal’s implied enterprise value—not the amount paid for the 51% stake.
Who owns Altera now?
Altera is majority-owned by Silver Lake, which acquired 51% of its equity from Intel. Intel kept a 49% minority interest. At closing, the two parties contributed their interests to a newly formed limited partnership; Intel said it would account for its retained investment using the equity method. Intel’s September 12, 2025 SEC filing records the completed transaction.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
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Altera Cyclone IV FPGA Development Board - DueProLogic | $74.99 | Buy on Amazon |
| 2 |
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Cyclone 10 FPGA Development Board - CycloFlex | $80.99 | Buy on Amazon |
| 3 |
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Altera MAX10 FPGA Development Board - MaxProLogic | $59.99 | Buy on Amazon |
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So, Silver Lake did buy Altera from Intel in the sense that it acquired control through a majority stake, but Intel did not sell the entire company.
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The transaction closed on September 12, 2025. ServeTheHome’s April 14, 2025 report described the deal accurately as an agreement awaiting customary closing conditions at that time; Intel’s later filing confirms that it was completed. ServeTheHome’s April report
#1 Best Overall
- Altera Cyclone IV FPGA includes 6,000 Logic Elements with two clock multipliers. The Cyclone IV FPGA is the perfect balance of inexpensive cost versus plentiful logic cells, 20KBytes of SRAM, and General Purpose Input/Output pins. This is a great board to learn how to program FPGA's.
- Built in programmer cable allows configuring the FPGA with a single USB-C cable. The DPL can be powered from the USB cable or from the Barrel Connector. A separate JTAG header can also be used to program the FPGA using a compatible USB Blaster cable.
- 6x6 LED Array allows character and animations to be displayed at ultra fast speed. LED blocks can be individually turned on/off to allow LED signals to be used as I/O's
- 70 Inputs/Outputs originating at the FPGA are available at Stackable Headers organized around the edge of the board. The user can configure these I/O's using the FPGA project code.
- The DPL contains two oscillators, 66MHz and 100MHz. The 66MHz oscillator is used to provide clocking for the EPT ActiveHost USB communications core. The 100MHz oscillator can be used by the user clocked up using one of the onboard Clock-DLL modules.
How much did Silver Lake pay for Altera?
There is no single figure that answers every version of that question. The agreement announcement and closing filing describe different measures at different transaction stages. Intel’s April 2025 announcement gave the implied enterprise value and expected net proceeds; Intel’s closing filing stated the equity value of the acquired stake.
| Figure | What it measures | Stage and qualification |
|---|---|---|
| $8.75 billion | Implied enterprise value | Announced by Intel with the April 2025 agreement; not a cash payment to Intel. |
| Approximately $4.40 billion | Expected net cash proceeds to Intel | Intel’s April 2025 estimate after adjustments for cash, debt-like items, working capital, expenses, and other items. |
| Approximately $3.3 billion | Equity value of the 51% stake acquired | Reported by Intel in its September 2025 closing filing. |
| $1 billion | Deferred consideration | Intel’s April 2025 agreement specified two $500 million installments on an original payment schedule. The agreement announcement alone does not establish whether or when those installments were paid. |
Enterprise value and equity value are not interchangeable: they are different valuation measures. Nor should expected seller proceeds be presented as the headline enterprise value. The figures answer separate questions about the transaction; they should not be added together or treated as alternate statements of one purchase price.
Rank #2
- Altera 10CL016 FPGA with 16,000 Logic Elements. This FPGA Development Kit requires an external JTAG Programmer. The Cyclone 10 FPGA is a powerful mid-range chip from Altera. It contains 504 Kbits of SRAM Memory. This chip is perfect for implementing soft core processors such as a RISC-V.
- The CycloFlex includes Three Seven Segment Displays which are directly drivable from FPGA I/O pins. 65 Inputs/Outputs from the FPGA available at board connectors. There are seven Green User LEDs that can be controlled directly from FPGA pins. One RGB LED is also included. Two Pushbuttons are available for input to user code.
- One 50MHz oscillator provides all precision clocking needs on the CycloFlex Board. The FPGA includes four DLL's that provide both frequency multiplier and divider. This provides a broad range for clocking options for user code.
- There are two power options for the CycloFlex: USB-C connector or Barrel Connector. The USB-C options allows +5VDC through the USB 2.0 specification. Any USB-C charger or Laptop will properly power the CycloFlex. The Barrel Connector accepts +4.5 to +5.5VDC at 3Amps.
- The CycloFlex Development Kit comes complete with downloadable User Manual, Data Sheet, Drivers, Schematics, and compiled, source code, projects. The downloadable DVD has an entire tutorial on Getting Started with FPGA. It walks the user through getting the ModelSim/Questa simulation tool setup. It has guides to creating simple code for FPGAs through more advanced Test Benches. It also includes full projects with source code to communicate with the CycloFlex from a Windows PC.
What changed for Altera after the sale?
Intel’s agreement provided for separation work to establish Altera as a standalone business, with anticipated arrangements covering areas such as intellectual property, government contracting, manufacturing, and transition services. In its September 15, 2025 announcement, Altera described the result as operational independence and said its portfolio includes FPGA solutions, software tools, development kits, IP, and design services. Altera’s closing announcement
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Altera said it intends to expand in industrial automation, audio/video, robotics, aerospace, defense, data centers, telecommunications, and edge AI. These are company-stated priorities, not evidence that future growth or product outcomes are assured. CEO Raghib Hussain said: “We are thrilled to partner with Silver Lake as this transformative investment positions us to accelerate innovation and reinforce our leadership in the FPGA market at a time when AI applications are fueling demand for programmable logic.” Altera’s announcement
Rank #3
- Altera 10M04SA FPGA with 4,000 Logic Elements. This FPGA Development Kit requires an external JTAG Programmer. The MAX10 FPGA is a great chip to learn FPGA programming with. The MAX10 includes the configuration flash, 12 bit ADC, 20KByte of SRAM and low voltage regulators on chip.
- The board includes a 50MHz Oscillator to provide high speed control over internal gates of the MAX 10 FPGA. With 4K Logic Elements, the User can create powerful projects. The MaxProLogic is 100% compatible with the Free Quartus Prime Lite software from Altera. Just download the Quartus software from Altera, and the User can create projects, compile the code, simulate the project in a digital simulator, then download to the MAX 10 using an external programmer.
- 8 Analog Input Channels; 12 bit; 1MSamples/Second. 65 Available I/O’s at connectors. A full datasheet of the MaxProLogic is available that describes all the hardward connections. Schematic is available to give the User further information about the hardware.
- 8 Green User configurable LEDs, On/Off controller. 1 Power Pushbutton Switch; 1 User Configurable Pushbutton Switch. Source code is available to assist the user in understanding how get up and running with the MaxProLogic board.
- Complete Development Kit with tutorials and source code. Please visit the MaxProLogic product page under the earthpeopletechnology website to access all schematics, user manual, data sheets and project files. The MaxProLogic tutorials will get the beginner up and learning Programmable Logic very quickly.
What governance did the agreement provide?
The April agreement described an initial six-member board structure for the partnership holding the Altera interests. It provided for Silver Lake to appoint three directors; Intel to appoint two while it owned at least 25%, or one while it owned at least 5% but less than 25%; and one seat for the partnership’s CEO. Intel also had specified consent rights while it held at least 5%. These are provisions in the transaction agreement, not confirmation of Altera’s current board membership or the present exercise of those rights. Intel’s agreement announcement
What was Altera’s reported financial position at the time?
Intel reported that Altera had revenue of $816 million and a gross margin of 55% in the first half of 2025. Those figures cover Altera while it was still within Intel’s reporting structure; they are not current standalone results. Intel’s closing filing
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