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Intel Corp. has agreed to sell a 49 percent stake in its Irish factory joint venture to Apollo Global Management Inc. for $11 billion to fund an expansion of its factory network.
Under the terms of the deal, Apollo will take a 49% stake in the joint venture that operates Intel’s Fab 34. This is the second investment Intel has announced as part of an effort to ease the burden on the company’s already strained finances.
CEO Pat Gelsinger is pushing an ambitious and expensive plan to return Intel to the top of the semiconductor industry. Intel is investing heavily to revive its struggling product line and pouring money into factories around the world to restore production and attract outsourcing manufacturing customers.
The announcement highlights Intel’s continued progress in its transformation strategy. The company continues to move to create financial flexibility and accelerate its strategy, including investing in global manufacturing operations, while maintaining a strong balance sheet.
Intel said construction of the factory at its existing site in Leixlip, near Dublin, is nearly complete and is due to be completed in the second quarter of 2024. Fab 34 will use Intel’s 4 and 3 manufacturing technologies.
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