Intel is selling off a majority stake in chip-maker Altera for $4.46 billion

Intel is selling off its majority share in chip-maker Altera as part of its new CEO's first steps toward stabilizing the company. The 51 percent stake sold today for $4.46 billion in a deal that is expected to close in the second half of this year. "Today's announcement reflects our commitment to sharpening our focus, lowering our expense structure and strengthening our balance sheet," CEO Lip-Bu Tan said of the sale.

Altera makes field programmable gate array chips, which are often used to power retro gaming hardware such as the Analogue consoles. The company's other products have applications ranging from military to telecom sectors. Intel acquired Altera in 2015 for a hefty $16.7 billion, which means its current valuation has taken quite a dive since that purchase. However the sale should still provide some cash flow to Intel at a critical juncture.

Tan was appointed Intel's CEO in March, following the departure of Pat Gelsinger as the company's top exec. He is expected to help change course for the company following a long string of poor decisions, and from the start of his appointment, it seemed likely that Intel would see some streamlining of its business.