Intel to Repurchase Apollo Stake in Ireland Factory for $14.2 billion

Santa Clara-based chip manufacturer Intel has agreed to buy back Apollo’s 49 percent stake in Intel’s Fab 34 chip manufacturing facility in Ireland for $14.2 billion on Wednesday.

This comes after Apollo led an $11.2 billion investment to acquire the equity through a joint venture entity in 2024.

Intel’s repurchase will be funded through a mix of cash and $6.5 billion in new debt issuances, giving it full ownership of the manufacturing facility again. Intel expects the transaction to increase its earnings per share and strengthen its credit profile starting next year.

“Our 2024 agreement was the right structure at the right time and provided Intel with meaningful flexibility, enabling us to accelerate critical initiatives,” said Intel CFO David Zinsner.

“Today, we have a stronger balance sheet, improved financial discipline, and an evolved business strategy.

“We appreciate Apollo’s continued collaboration to reach this outcome as we realign our capital structure with our long-term strategy.”

Intel said the original sale of this equity enabled it to allocate capital to strategic priorities, including the buildout of Intel 4, Intel 3, and Intel 18A.

The company said it simultaneously allowed it to continue the build-out of Fab 34 through owning a 51 percent controlling interest and preserving balance sheet strength.

“Our partnership with Intel began at an important stage in the execution of its advanced manufacturing roadmap, where our long-term strategic capital played a meaningful role in accelerating the production of next-generation chip technology,” said Apollo partner Jamshid Ehsani.

Intel said Ireland and Fab 34 are central to its global manufacturing footprint, and it has continued to make significant investments in its Ireland campus to expand manufacturing capacity and strengthen execution.

In between the sale and repurchase of equity in Fab 34, Intel appointed a new CEO, Lip-Bu Tan, in March 2025. Intel stock has risen by around 143 percent since then and 8.8 percent on Wednesday, closing at $48.03.