Intel's latest acquisition is its biggest deal to date. After months of back and forth, Intel was finally given the green light to acquire Altera, according to Engadget. The deal is costing Intel $16.7 billion.
The merger will allow the chip makers to create a whole new type of microprocessor chip, according to Fortune, which will be much more flexible and will be programmed to run a new range of tasks. This is due to Altera's special field-programmable gate arrays (FPGAs).
"We'll invent new products that make amazing experiences of the future possible — experiences like autonomous driving and machine learning," said Intel CEO Brian Krzanich.
Intel previously acquired McAfee Inc. in 2011 for $6.59 billion, according to Bloomberg. Before the Altera acquisition, this was its biggest deal. Intel Vice President Wendell Brooks hopes this merger, however, will be more profitable than its last.
"I'm very much focused on improving our track record," said Brooks. "There's general acknowledgment within the executive team and the board at Intel that we haven't done as well as we could do on past acquisitions."
The company has a multiyear plan in place to help Intel grow and flourish in the future as a result of this acquisition.
