Chip specialist Intel has sold its stake in British silicon design firm Arm Holdings. 

The deal was disclosed in a regulatory filing – spotted by Reuters – in which it announced its intention to sell 1.18 million shares in the UK giant. Intel stands to have made around $146.7 million from this sale. 

Arm debuted on the Nasdaq Fund Network in September 2023 as one of the first big initial public offerings in quite some time. The firm went live with an IPO price of $51 which now stands at $127.76 at the time of writing. 

All this comes in the midst of Intel undergoing its "most substantial restructuring" in the last 40 years, according to CEO Pat Gelsinger. The firm is rolling out a $10 billion cost cutting plan which will result in around 15,000 layoffs.