Buyout firm Silver Lake is in exclusive discussions to purchase a majority stake in Intel's programmable chip business, Altera, a person familiar with the matter told Reuters on Tuesday. Silver Lake is finalizing the details of the investment.

Silver Lake Management is in exclusive talks to acquire a majority stake in Intel Corp.’s programmable chips unit, people with knowledge of the matter said.

The private equity firm Silver Lake Partners LP is reportedly in advanced talks over the purchase of a majority stake in Intel Corp.’s programmable chip business unit Altera, having apparently won out over a number of other prospective suitors.