Intel Corp. on Monday confirmed that it has agreed to buy smaller rival Altera Corp. for $54 in cash, or about $16.7 billion. The news comes after a series of on-again, off-again attempts at a deal, which were reported by the Wall Street Journal. Intel said the deal will enable it to expand into products that meet customer needs in the data center and the Internet of Things, which describes the growing use of technologies in connecting all aspects of modern life. Intel said it expects the deal too boost non-GAAP EPS and free cash flow in the first year after it closes. The chip giant is to fund the deal with cash and debt and said it expects it to close within six to nine months. Altera shares surged 4.8% on the news, while Intel was up 0.6%.
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