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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