Abu Dhabi AI investment firm MGX has landed a stake in American chips. The G42 and Mubadala-backed fund co-invested with private equity firm Silver Lake to acquire 51% of California chipmaker Altera, in a deal worth $3.3 billion.
Altera makes semiconductors that can be reprogrammed after they leave the factory, making them useful in robots, cloud servers, and telecom hardware.
MGX has previously invested alongside Silver Lake, with both firms taking a minority stake in G42’s data center subsidiary Khazna earlier this year. In April, Intel agreed to sell 51% of Altera to Silver Lake, valuing the unit at $8.75 billion, far below the nearly $17 billion Intel paid in 2015, Reuters reported.