Stock of Intel Corporation (INTC) is climbing about 7 percent on Wednesday morning trading after the company announced 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 company's shares are currently trading at $47.70 on the Nasdaq, up 7.86 percent. The stock opened at $45.01 and has climbed as high as $47.25 so far in today's session. Over the past year, it has traded in a range of $17.67 to $54.60.
The transaction 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.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.