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 under new CEO Lip-Bu Tan to revive the struggling American chipmaker.

Intel on Monday announced that it has entered into a definitive agreement to sell 51% of its Altera semiconductor business to Silver Lake, a private equity firm.