Intel to Sell 49% of Irish Venture to Apollo for $11 Billion
- Transaction is set to close in second quarter of 2024
- Investor will take stake in new plant in Leixlip, Ireland
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Intel Corp. agreed to sell a stake in a venture that controls a plant in Ireland to Apollo Global Management Inc. for $11 billion, helping bring in more external funding for a massive expansion of its factory network.
Under terms of the deal, the investment firm will take a 49% share of a joint venture that operates Intel’s Fab 34, the chipmaker said in a statement Tuesday. It’s the second such investment program that Intel has announced, part of an effort to lessen the burden on its already-stretched finances.