Intel splashes $16.7bn to protect its data centre presence

Intel agreed to buy Altera for $16.7bn (€15.31bn) to defend its presence in data centres, forging a deal that will add to a record year for industry consolidation.

The largest chipmaker in the world will pay $54 a share in cash for the maker of programmable logic semi- conductors.

That is a premium of 11% over Altera’s closing share price on Friday and 56% from March 26, the day before the possibility of a transaction was first reported.