Intel and Apollo announced a definitive agreement under which Intel will repurchase the 49% equity interest in the joint venture related to its Fab 34 facility in Ireland that it does not already own, for a total of $14.2 billion.
The transaction follows a 2024 deal in which Apollo-managed funds and affiliates invested $11.2 billion to acquire the 49% stake in the joint venture entity. That earlier investment provided Intel with equity-like capital and financial flexibility, allowing the company to redeploy capital toward accelerating the buildout of Intel 4 and Intel 3 process technologies in Europe, as well as Intel 18A in the United States.
Intel will fund the repurchase using cash on hand and proceeds from the issuance of approximately $6.5 billion in new debt. The company stated that the move is expected to be accretive to ongoing earnings per share and to strengthen its credit profile starting in 2027 and beyond. Intel also reaffirmed plans to retire debt maturities as they come due in 2026 and 2027.
David Zinsner, Intel’s chief financial officer, noted that the 2024 agreement with Apollo offered meaningful flexibility at the time and enabled acceleration of critical initiatives. He said the current transaction aligns with Intel’s evolved business strategy and strengthened balance sheet.
Jamshid Ehsani, a partner at Apollo, described the original partnership as supporting Intel at a key stage in its advanced manufacturing roadmap and said the new agreement reflects flexibility and long-term alignment between the parties.
Fab 34 in Ireland will remain central to Intel’s global manufacturing operations. The facility produces high-volume semiconductors using Intel 4 and Intel 3 process technologies, including Intel Core Ultra and Intel Xeon 6 processors. Intel continues capital investments in its Ireland campus to expand manufacturing capacity for next-generation AI-enabled systems.
