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Intel, Apollo Near $11 Billion Ireland Plant Deal

Intel Corp. is in advanced talks with Apollo Global Management over a deal that would have the investment firm providing more than $11 billion in funding for a chip manufacturing plant in Ireland, the Wall Street Journal said.

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The two companies are in exclusive talks and could reach an agreement in the coming weeks, Bloomberg said, citing people familiar with the discussions who it didn’t identify.

The potential partnership comes as superpowers around the world earmark hundreds of billions of dollars for companies like Intel to build the next generation of semiconductor manufacturing in their backyards.

The US and European Union have led these funding efforts, in part as a means of challenging China for chip dominance but also as a broader effort to lessen their dependency on Asian supplies.

Apollo and Intel declined to comment. Other alternative asset managers in addition to Apollo, including KKR & Co. and Stonepeak, had also previously held talks to fund the Intel facility in Ireland,

Intel Chief Executive Officer Pat Gelsinger has been working to diversify the company’s manufacturing operations outside of Asia, which dominates chip production today. He’s also striving to restore the chip pioneer’s technological leadership after companies including Nvidia Corp. and Taiwan Semiconductor Manufacturing Co. eclipsed its capabilities.



Image: Intel