Intel to Sell 49% of Irish Venture to Apollo for $11 Billion (2)

Intel Corp. agreed to sell a stake in a venture that controls a plant in Ireland to Apollo Global Management Inc. for $11 billion, helping bring in more external funding for a massive expansion of its factory network.

Under terms of the deal, the investment firm will take a 49% share of a joint venture that operates Intel’s Fab 34, the chipmaker said in a statement Tuesday. It’s the second such investment program that Intel has announced, part of an effort to lessen the burden on its already-stretched finances.

WATCH: “Companies all over the world are facing unprecedented levels of CapEx,” Apollo Co-President Scott Kleinman says. “And they’re starting to think more creatively about how are they going to fund this.”

Source: Bloomberg

Chief Executive Officer Pat Gelsinger is pushing an ambitious and ...