The semiconductor company said it will own 49% of the Altera business, which it added will allow it to participate in Altera’s future success while focusing on its core business. Intel is on the clock to turn things around,

Intel has agreed to sell a 51% stake in its Altera programmable chip business to buyout firm Silver Lake for $4.46 billion, in the first major move under new CEO Lip-Bu Tan to revive the struggling American chipmaker.

Intel Corp. has agreed to sell a 51% stake in its programmable chips unit Altera to Silver Lake Management, making good on plans to start spinning off non-core assets.