Mergers and Acquistions News
Categories: IT Services & Consulting
November 6th 2008, 15:59PM
Intel is to offload half its stake in virtualisation applications provider VMWare, it has been revealed.
The chip firm purchased 9.5 million shares in the software company back in July 2007 for a total of $219 million (£137 million).
In a filing with the US Securities and Exchange Commission, Intel revealed that it has already sold 500,000 shares to Cisco Systems, and a further half-a-million to EMC.
According to Reuters, the stocks were sold at a price of $26.52 a share.
Intel originally paid $23 for its shares, which hit a high of $125.15 on October 31st last year.
The remaining 3.75 million shares are to be sold on the open market.
Last month, Intel purchased NetEffect for $8 million.
According to the semiconductor firm, the acquisition of the Ethernet technology specialist will allow it to better address its customers' needs, including server virtualisation and convergence of storage traffic.
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