Pursuing opportunities in the Internet of Things market, Intel has sealed a deal to buy Altera in an all-cash transaction valued at about $16.7 billion, which would be Intel’s largest acquisition ever.

News reports that the companies were in talks first surfaced in late March. However, those negotiations reportedly broke down in early April because Altera considered Intel’s offer of $54 per share too low.

However, late last week The New York Post and other media outlets reported that talks had resumed after Altera reported disappointing financial results on April 23. Those reports were based on anonymous sources. The price of the final deal remains $54 per share.

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