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NEW YORK (TheStreet) -- Intel Corp. (INTC) - Get Intel Corporation (INTC) Report announced the completion of its $16.7 billion acquisition of Altera Corp. on Monday.

The Santa Clara, CA-based company, which designs and manufactures digital technology platforms, bought Altera for $54 per share in cash, or about $16.7 billion.

Based in San Jose, CA, Altera is a semiconductor company that develops programmable logic devices.

Altera will operate as a new Intel unit called the ProgrammableSolutionsGroup, Intel said. 

"Altera is now part of Intel, and together we will make the next generation of semiconductors not only better but able to do more," Intel CEO Brian Krzanich said in a statement on Monday. "We will apply Moore's Law to grow today's FPGA business, and we'll invent new products that make amazing experiences of the future possible - experiences like autonomous driving and machine learning."

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Intel projects the acquisition to be accretive to non-GAAP earnings in the first full year after the deal closes.

Intel stock is down 0.57% to $34.78 in mid-morning trading on Monday.

Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate INTEL CORP as a Buy with a ratings score of A. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The current debt-to-equity ratio, 0.36, is low and is below the industry average, implying that there has been successful management of debt levels. To add to this, INTC has a quick ratio of 1.66, which demonstrates the ability of the company to cover short-term liquidity needs.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market on the basis of return on equity, INTEL CORP has underperformed in comparison with the industry average, but has exceeded that of the S&P 500.
  • Net operating cash flow has remained constant at $5,735.00 million with no significant change when compared to the same quarter last year. In addition, INTEL CORP has modestly surpassed the industry average cash flow growth rate of -5.34%.
  • The gross profit margin for INTEL CORP is currently very high, coming in at 78.24%. Regardless of INTC's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, the net profit margin of 21.49% trails the industry average.
  • You can view the full analysis from the report here: INTC