Intel Corporation Repurchases Apollo's 49% Stake in Fab 34 Joint Venture for $14.2 Billion

On April 8, 2026, Intel Corporation repurchased the 49% equity interest held by Apollo-managed funds and affiliates in their joint venture related to Intel's Fab 34 semiconductor manufacturing facility in Ireland. The total repurchase price was $14.2 billion, which Intel financed using cash on hand and a $6.5 billion bridge loan that the company intends to refinance subject to market conditions. Following this transaction, Intel now owns 100% of the joint venture. The joint venture was originally established in June 2024 when Apollo acquired its 49% ownership stake, and the parties had entered into various ancillary agreements covering construction, commissioning, operation, management, maintenance, utilization, and wafer purchase arrangements for Fab 34. Intel expects to terminate these ancillary agreements and wind up the joint venture structure as a result of the repurchase.