Intel (INTC.O) and Apollo Global Management (APO.N) are reportedly in advanced talks for a deal in which the equity group will finance more than $11 billion to create a facility in Ireland, according to an article.
Intel (INTC.O) and Apollo Global Management (APO.N) are in advanced talks for a deal in which the equity company would provide more than $11 billion to establish a facility in Ireland, according to an article on Monday.
The action is being taken as Intel tries to increase its footprint in the US with a $100 billion expenditure spree planned across four states in order to grow its manufacturing operations and overtake rival TSMC (2330.TW), a manufacturer of chips.
According to the article, which cited people familiar with the situation, Intel and Apollo are in exclusive talks for the transaction, which may be signed in the upcoming weeks.
Given the strong demand for AI components in the industry and the sluggish demand for its traditional data center and personal computer chips, Intel predicted lower-than-expected sales and profit for the second quarter last month.
In 2022, the business declared its intention to construct chip plants in France and Ireland in order to take advantage of more lenient financial regulations and subsidies offered by the European Commission.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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