Intel Gets a Multibillion-Dollar Offer from Apollo
Apollo Global Management Inc. has offered to make a multibillion-dollar investment in Intel Corp., people familiar with the matter said, providing the chipmaker with a vote of confidence in its turnaround strategy and an alternative to a potential takeover by larger rival Qualcomm Inc.
Tweet on Apollo’s offer for Intel
@intel gets a multibillion-dollar offer from Apollo.
The development comes after @Qualcomm floated a friendly takeover of Intel, Bloomberg reports#intel #qualcomm #chips https://t.co/wFQlDcI7DB— The_Journalbiz (@the_journalbiz) September 23, 2024
Bloomberg tweet-news on Intel
The alternative asset manager has indicated in recent days that it would be willing to make an equity-like investment in Intel of as much as $5 billion, one of the people said, asking not to be identified discussing confidential information.
- The investment firm said to offer an equity-like deal for chipmaker
- The move comes as rival Qualcomm approaches about takeover
The development comes after Qualcomm floated a friendly takeover of Intel, which has been working to reinvent itself amid the most difficult period in its 56-year history. Qualcomm’s move has raised the prospect of one of the biggest-ever M&A deals, as well as other bidders entering the fray. Broadcom Inc., at least for now, is on the sidelines.
Intel’s shares rose as much as 4.2% in early trading on Monday. The stock was up 2.7% at 9:43 a.m. in New York, giving the company a market value of about $96 billion.
Intel has been working on an expensive plan to remake itself and bring in new products, technology and outside customers. Still, the company is headed for its third consecutive year of shrinking sales and its shares have lost more than 50% of their value this year.
