Intel Pays $14.2 Billion to Buy Back Apollo's Stake in Ireland Chip Plant, Issues $6.5B in Debt

Intel has agreed to pay $14.2 billion to repurchase Apollo Global Management's 49 percent stake in the Fab 34 semiconductor manufacturing joint venture in Leixlip, Ireland, Bloomberg reported Wednesday, in a deal the company will fund partly by issuing $6.5 billion in new debt. The transaction unwinds a partnership Intel struck with Apollo in 2023, when the chipmaker sold a minority stake in the Irish plant to raise capital without fully diluting shareholders. At the time, Intel was under pressure to fund an ambitious foundry expansion while preserving its balance sheet through a period of weak demand. Reclaiming full ownership of Fab 34 gives Intel direct control over one of its most advanced manufacturing facilities in Europe. The plant produces chips on Intel's latest process nodes and is central to the company's ambitions to compete with TSMC and Samsung in the contract chipmaking market. Intel has been undergoing a significant strategic reset under pressure from investors and customers who have questioned whether the company can execute on its manufacturing roadmap. Chief Executive Pat Gelsinger stepped down in late 2024, and the company has since been pursuing a narrower, more focused version of its foundry strategy. The $6.5 billion in new debt Intel plans to issue to fund the buyback adds to the company's existing leverage, a consideration for credit analysts watching Intel's financial flexibility. However, the company argued that full ownership of Fab 34 positions it better for long-term foundry contracts. Bloomberg's Ian King reported the deal on April 1, 2026.