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Intel Corp. (NASDAQ: INTC) was following the markets down, but only slightly, late in Monday’s trading session. This semiconductor giant announced earlier in the day that it had completed its acquisition of Altera. The acquisition complements Intel’s product portfolio and enables new classes of products in the high-growth data center and Internet of Things (IoT) market segments.

Altera will operate as a new Intel business unit called the Programmable Solutions Group (PSG), led by Altera veteran Dan McNamara. Intel will also continue the support and future product development of Altera’s FPGA, ARM-based SoC and power products.

In addition to strengthening the existing FPGA business, PSG will work closely with Intel’s Data Center Group and IoT Group to deliver the next generation of highly customized, integrated products and solutions.

Ultimately, Intel expects the acquisition to be accretive to earnings per share and free cash flow in the first full year after the transaction’s close.

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