Intel to repurchase Fab 34 JV stake for $14.2 billion
US semiconductor manufacturer Intel has reached a definitive agreement with Apollo Global Management to repurchase the 49% equity interest it does not own in the joint venture tied to its Fab 34 semiconductor facility in Ireland. The transaction is valued at USD 14.2 billion.
The move effectively returns full ownership of Fab 34 to Intel, reversing a 2024 deal in which Apollo-managed funds invested USD 11.2 billion for the minority stake. That earlier transaction was structured to provide Intel with equity-like capital while maintaining balance sheet flexibility, enabling continued investment in advanced process technologies.
According to Intel, the repurchase reflects improved financial positioning and an adjustment of its capital structure in line with long-term strategic priorities. The company cited strengthened financial discipline and momentum driven by demand for CPUs in artificial intelligence applications.
The transaction will be financed through a combination of cash on hand and approximately USD 6.5 billion in new debt issuance.
Fab 34 remains a key asset within Intel’s global manufacturing network. The facility is focused on high-volume production using the company’s Intel 4 and Intel 3 process nodes and supports products such as Intel Core Ultra and Xeon 6 processors.
Intel continues to invest in its Irish operations to expand capacity and support demand for next-generation, AI-enabled semiconductor products.
