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Intel Sells 49% Stake in Fab 34 to Apollo for $11 Billion, Shares Up 1%

Jun 4, 2024, 09:05 PM

Intel Corporation has agreed to sell a 49% equity interest in its Fab 34 chip manufacturing plant in Leixlip, Ireland to Apollo Global Management for $11 billion. This joint venture aims to bring in more external funding for Intel's expansion of its factory network. The deal is expected to enhance Intel's capital structure and has already resulted in a 1% increase in Intel's share price after the announcement. Fab 34 is designed for Intel 4 and Intel 3 process technologies and is a key part of Intel's strategy to bolster its manufacturing capabilities. Intel's credit rating was affirmed at A+ today.