:max_bytes(150000):strip_icc()/GettyImages-2150495137-13cb3d3a30a94251bdba7f993d89af4c.jpg "Intel Rises on Report of Nearing $11B Deal With Apollo for Irish Chip Plant")
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Key Takeaways
- Intel and Apollo Global Management are reportedly in advanced talks to have the private equity firm put up more than $11 billion for a new Intel chip plant in Ireland.
- The Wall Street Journal said an agreement could come in the coming weeks.
- Intel CEO Pat Gelsinger has called Ireland “The Silicon Isle.”
Intel (INTC) shares rose in intraday trading Monday on a report it is in advanced talks with Apollo Global Management for the private equity firm to provide the chipmaker with more than $11 billion to help build a factory in Ireland.
The Wall Street Journal reported the exclusive discussions could lead to a deal in the coming weeks.
The paper noted that several other alternative investment firms, including KKR (KKR) and infrastructure investor Stonepeak, had also been in the running to fund the plant before Apollo gained the upper hand.
Intel, which has had a decades-long presence in Ireland, opened a 17-billion-euro ($18.4 billion) facility last September at its Leixlip campus, at which Chief Executive Officer (CEO) Pat Gelsinger referred to the country as “The Silicon Isle.”
A spokesperson for Apollo declined to comment when contacted by Investopedia.
Intel was up 3% at $30.73 as of 12:47 p.m. ET Monday but its shares are down 39% this year.