Intel (INTC) shares rose Friday, lifted by indications that it is looking for a big outside investment in its Altera programmable chipmaking unit.
CNBC late Thursday reported that the company is looking to sell a minority stake in Altera that values the business about $17 billion. Intel purchased Altera in 2015 for $16.7 billion, launching it as a standalone company in February, with the intention of spinning it off in an initial public offering (IPO).
When reached by Investopedia, Intel declined to comment.
Intel has been taking steps to try to shore up its finances, including exploring sales of some of its its various divisions, although none has come to fruition. The stock, recently up about 1%, has lost more than half of its value this year.
CNBC noted that the company has reached out to several private equityand strategic investors this week about Altera. It added that Intel …