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Intel to buy rival Altera for $16.7 bn

MUMBAI: Intel Corp has announced its decision to buy rival Altera Corp for $16.7 billion in cash. This is Intel’s biggest deal ever.

By combining with Altera, Intel will be able to bundle its processing chips with the smaller company’s programmable chips, which are used to speed up web-searches among others.

This is 2015’s third-largest transaction in the highly fragmented chip industry. In the industry’s biggest-ever deal, Avago Technologies agreed last week to buy Broadcom Corp for $37 billion.