Yes. But even if Intel owns Tegra via an Nvidia acquisition, I don't think they will continue to provide Tegra chips to the market. Intel seems to have decided that it will provide only x86 chips across the board...otherwise, they could have acquired an ARM-based provider long ago (or not divested its XScale to Marvell.) So they will just put Tegra in deep-freeze.
IMO, the only reason to acquire NVidia is for its IP in graphics and high-performance computing.
If I remember right, Intel chose to license NVidia IP but did not provide its IP for NVidia to make x86 chipsets. That is why Intel agreed to pay licensing fees to the tune of $250 million per quarter (again if my recollection is right).
Intel will have to take them out at the right time and at the right price.