Intel Proposes To Acquire Chip Maker SiFive For Over $2B: Bloomberg - Intel (NASDAQ:INTC)

Intel Corp INTC offered to acquire semiconductor designer start-up SiFive Inc for over $2 billion, Bloomberg reports.
SiFive received acquisition offers from multiple parties apart from Intel, including offers for preferable investment routes.
SiFive was last valued at $500 million during a 2020 fundraising event. It last raised $61 million in a 2020 funding round.
SiFive designs chips under the RISC-V architecture to make it cheaper and accessible to customers.
SiFive attracted interest since NVIDIA Corp NVDA agreed to acquire SoftBank Group Corp’s SFTBY SFTBF Arm Ltd for $40 billion. Arm licenses chip and process designs akin to SiFive.
SiFive CEO Patrick Little joined the company in 2020 after heading Qualcomm Inc’s QCOM auto business.
SK Hynix Inc HXSCL, Spark Capital, and Prosperity7 Ventures, the venture arm of Saudi Arabia’s state-owned energy producer Aramco are backers of SiFive. Venture arms of chipmaker Qualcomm and hardware maker Western Digital Corp WDC also back SiFive.
Price action: INTC shares traded higher by 0.19% at $57.49 in the premarket session on the last check Friday.