Intel announced Monday that it was selling the majority of its Altera chip business to technology investor Silver Lake in a deal valued at $8.75 billion.

Intel has agreed to sell a 51% stake in its Altera programmable chip business to buyout firm Silver Lake for $4.46 billion, in the first major move by new CEO Lip-Bu Tan to revive the struggling American chipmaker.

Intel Corp. has agreed to sell a 51% stake in its programmable chips unit Altera to Silver Lake Management, making good on plans to start spinning off non-core assets.