Intel reportedly nears deal to buy Altera for $54 a share

Intel is reportedly close to acquiring Altera for as much as $17bn, or roughly $54 a share, in what would be the tech company’s largest deal ever.

Speculation of a deal first surfaced in March and Intel launched a $54 per share unsolicited offer in April, but Altera rejected it.

The expected price is around 56% higher than the price at which Altera was trading before talks of an acquisition emerged in March.

The deal would help Intel to move away from the PC chips business at a faster rate and comes amid a consolidation wave in the sector, as companies look for new ways to grow revenue.

Last week, Avago Technologies bought Broadcom in a cash-and-stock deal worth $37bn.