(Bloomberg) — In a strategic move to secure additional funding for its extensive factory expansion, Intel Corp. has reached an agreement to sell a portion of its plant in Ireland to Apollo Global Management Inc. for a substantial $11 billion. This collaboration marks a significant step towards bolstering Intel’s financial resources for its ambitious growth plans.
Highlighted in Bloomberg’s top reads, this deal entails Apollo Global Management Inc. acquiring a 49% stake in a joint venture that oversees Intel’s Fab 34, as confirmed by the chipmaker in a recent announcement. This partnership is part of Intel’s broader initiative to alleviate the financial strain it currently faces.
Under the leadership of CEO Pat Gelsinger, Intel is embarking on an ambitious journey to reclaim its dominance in the semiconductor sector. With a strong focus on enhancing its product portfolio and upgrading its global manufacturing facilities, Intel aims to attract new customers while strengthening its manufacturing capabilities.
Once a powerhouse in the semiconductor industry, Intel’s decision to seek external funding underscores the company’s commitment to…
2024-06-04 15:43:57
Originally published on finance.yahoo.com