Intel, Pinched by Losses, Sells Stake in Chip Designer Arm
Arm, which sold shares last year in the 2023’s largest initial public offering, is majority-owned by Japan’s SoftBank Group Corp.
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Intel Corp., which is slashing jobs and expenses in a bid to turn around the business, sold its holdings in chip technology creator Arm Holdings Plc during the second quarter.
The company reported in a regulatory filing Tuesday that it no longer owns the 1.18 million shares it held three months earlier. Based on the average price of Arm’s stock during that period — $124.34 — the sale would have raised about $147 million for Intel.