April 24 (Bloomberg) -- Intel Corp., the world’s largest semiconductor maker, agreed to acquire technology used to connect server chips from Cray Inc. for $140 million.
Intel will also get 74 of Cray’s employees when it purchases the technology, Seattle-based Cray said in a statement today. The transaction will close before the end of the current quarter, Intel said in a separate statement.
Intel will use the technology and the design team to help growth in so-called high-performance computing. HPC uses high-end machines to perform mathematically demanding tasks such as financial risk calculation or the analysis of data in oil and gas exploration.
Shares of Intel, based in Santa Clara, California, slipped 14 cents, or less than 1 percent, to $27.31 at the close in New York. That left the shares up 13 percent this year.
To contact the reporter on this story: Ian King in San Francisco at firstname.lastname@example.org
To contact the editor responsible for this story: Tom Giles at email@example.com