Intel Gets Multibillion-Dollar Apollo Offer as Qualcomm Circles

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.

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 development comes after San Diego-based Qualcomm floated a friendly takeover of Intel, which has ...