Intel Corp. (INTC), a technology company, on Wednesday announced that it has entered into a definitive agreement to repurchase the 49% equity interest in its Fab 34 Ireland joint venture from Apollo Global Management Inc. (APO) for $14.2 billion.
The transaction relates to the stake previously held by Apollo-managed funds in the semiconductor manufacturing facility.
Intel said the repurchase will be funded through cash on hand and approximately $6.5 billion in new debt issuance.
The company expects the transaction to be accretive to ongoing earnings per share and to strengthen its credit profile from 2027 onward.
In the pre-market trading, Apollo Global Management is 0.86% higher at $112.38 on the New York Stock Exchange.
In the pre-market trading, Intel is 2.21% higher at $45.10 on the Nasdaq.
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