Asia Tech Wire (Aug 14) -- Intel has liquidated its entire stake in British chip design firm Arm, a move expected to raise about $146.7 million for the company.

Intel disclosed in a regulatory filing on Tuesday that as of June 30, 2024, the company no longer holds the 1.18 million shares of Arm stock it recorded three months ago, reducing its stake to zero.

The filing, however, did not specify when Intel dumped those shares. Based on the average price of Arm stock of $124.34 over the same period, Intel's gain from the share sale was about $146.7 million.

Arm, which had one of its largest-ever initial public offerings (IPO) last year, is majority-owned by Japan's SoftBank Group.

Since the relaunch, Arm shares have risen 146% from their initial public offering price of $51.

Intel announced earlier this month that it would lay off more than 15% of its workforce.