(Bloomberg) — The sudden departure of Intel Corp. Chief Executive Pat Gelsinger offers the troubled company a new opportunity to consider potential deal options, including scenarios he rejected during his time leading the chipmaker.

The board has discussed a number of possibilities in recent months, including private equity deals and even a split of Intel’s factory and product design businesses. But Gelsinger refused to break up the company and instead focused on his plan to restore Intel’s technological edge and become a bespoke manufacturer for external customers.

With Gelsinger leaving this week – under pressure from the board – there is an opportunity to refocus the discussion. Morgan Stanley and Goldman Sachs Group Inc. have helped the company consider its options and could find a more receptive audience under new management.

It is also an opportunity for applicants to reconsider taking over part or all of the company. According to Bloomberg News, Qualcomm Inc. previously expressed interest in a deal, but it didn’t go far.

“This leadership change increases the likelihood of divestitures,” Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada said in a note on Monday. “Gelsinger was strongly opposed to breaking up the company, but the lengthy and costly turnaround has tested shareholders’ patience and may force Intel to reconsider.”

Intel’s board evaluated a number of scenarios, including the idea of ​​a separation, during a critical meeting in September. The discussions followed a dismal earnings report the previous month, when Intel reported a surprise loss and disappointing revenue guidance.

But Intel implemented less radical changes, including a pause in building plants in Poland and Germany. The company is also cutting about 15,000 jobs and suspending its decades-old dividend, part of an attempt to save money and keep Gelsinger’s turnaround plan on track.

If the new CEO undertakes a major restructuring, Intel could reconsider these deal ideas:

1. Division of factory and product areas

This would mean completely separating Intel’s factory business from the more profitable unit that develops products. Under Gelsinger, the company expanded its production activities into a foundry – a manufacturer of components for external customers. The idea is to eventually compete with Taiwan Semiconductor Manufacturing Co., a pioneer of the foundry approach.

But Intel has announced few large customers for its foundry operations, and production of high-end chips isn’t large enough to make the company profitable. Perhaps worse, sales have fallen, an ominous sign that a company is moving into a major new industry segment.

Although Intel may be able to find a taker for its product division, the foundry business may be a harder sell. The largest U.S. chipmaker is GlobalFoundries Inc., which has its own problems. This company lacks the money or experience in running the type of manufacturing that Intel’s factories were built for.

It’s also unclear whether a new Intel CEO — or the rest of the board — would be willing to break up a company that once dominated the chip industry. And the move would make it harder for Intel to get $7.9 billion in federal grants under the US Chips and Science Act, a law aimed at reviving domestic chip production.

A representative for Santa Clara, Calif.-based Intel declined to comment.

2. Attract a suitor like Qualcomm

Bloomberg has reported that Qualcomm has been considering acquiring Intel, but its interest has waned since last week. The complexities involved in fully acquiring Intel made the deal less attractive, people familiar with the matter said at the time.

But Qualcomm could consider buying parts of Intel, such as its product business. Like much of the chip industry, Qualcomm does not make its own semiconductors. Instead, it develops chips and relies on partners like TSMC for production. For this reason, it is unlikely that Intel will want the factory operation.

As Bloomberg reported in September, Broadcom Inc. previously examined whether to pursue an Intel deal but did not continue discussions. When Broadcom CEO Hock Tan was asked this month whether he would pursue a chip acquisition, he said he had his hands full integrating the purchase of VMware.

Any major chip merger would also face regulatory hurdles around the world – something both Qualcomm and Broadcom know well. Broadcom thwarted an attempt to buy Qualcomm after the deal was blocked by President Donald Trump in 2018.

Intel’s Altera unit, acquired in 2015 for about $17 billion, makes chips that can be reprogrammed for different purposes after they are manufactured. Intel has been in negotiations to sell part of the business to financial investors, a possible step toward an initial public offering of the unit.

Buyout firms including Francisco Partners, Bain Capital and Silver Lake Management have been exploring offers to invest in Altera. However, last month Bloomberg reported that Lattice Semiconductor Corp. is considering making an offer for all of Altera. Lattice is working with advisers and seeking a private equity backer to evaluate a possible offer, people familiar with the process said.

Regardless of whether such a deal goes through or not, the idea of ​​jettisoning Altera entirely could gain new momentum under a new Intel CEO.

Apollo offered a multibillion-dollar investment in Intel earlier this year. Bloomberg reported in September that the New York-based company was willing to make an equity-like investment of up to $5 billion. But the negotiations did not result in an announcement.

Apollo has an existing relationship with Intel. The company agreed in June to buy a stake in a company that controls an Intel chip plant in Ireland for $11 billion. This increases the likelihood that the partners will have further conversations.

5. A Mobileye transaction

Intel acquired Mobileye, a self-driving technology maker, in 2017. Although the company went public in 2022, Intel still owns most of the company. This situation could change under a new CEO.

In September, Intel announced that it “currently” has no plans to divest its majority stake in Mobileye. But Bloomberg reported earlier this month that the chipmaker was considering options for its 88% stake.

Intel could offload some of its shares on the public market or through a sale to a third party, people familiar with the discussions said. In any case, Intel, which paid about $15 billion for Mobileye, is unlikely to be worth the investment. The company currently has a market value of $14.1 billion.

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