Intel To Buy Altera For About $16.7 Bln In Cash - Quick Facts

(RTTNews) - Intel Corp. (INTC) said Monday that it agreed to buy Altera Corp. (ALTR) for $54 per share in cash, valuing the company at about $16.7 billion.

The transaction has been unanimously approved by the Intel and Altera Boards of Directors and is subject to certain regulatory approvals and customary closing conditions, including the approval of Altera's stockholders.

The transaction is expected to be accretive to Intel's non-GAAP earnings per share and free cash flow in the first year after close.

Intel noted that it intends to fund the acquisition, which is expected to close within six to nine months, with a combination of cash from the balance sheet and debt.

Intel plans to continue support and development for Altera's ARM-based and power management product lines.