Intel has sold its 1.18 million share stake in British chip firm Arm Holdings, according to a regulatory filing, as the California chip designer shores up its balance sheet amid intense competition.
The sale, disclosed on Tuesday, likely raised Intel nearly $147 million, based on Arm's average stock price between April and June.
Intel had cash and cash equivalents of $11.3 billion, and liabilities of about $32 billion at the end of June, according to its latest financials.
Intel and Arm declined to comment on the sale when contacted by CNBC on Wednesday.
Japan's SoftBank Group has a majority stake in Arm, and has been a beneficiary of the jump in the company's shares.
Persons:
Pat Gelsinger, Gelsinger, Japan's
Organizations:
Intel, Arm Holdings, AMD, Qualcomm, Nvidia, Samsung, CNBC, Wednesday, Japan's SoftBank
Locations:
Santa Clara , California, California, South