Intel reclaims full control of Irish chip plant in $14.2bn deal
Intel has agreed to repurchase Apollo Global Management's 49% stake in their Fab 34 joint venture in Leixlip, Ireland, for $14.2 billion, according to announcements on April 1. The transaction will restore Intel's sole ownership of the facility, which it had partially divested to Apollo roughly two years ago.
Intel plans to finance the buyback using a combination of existing cash and approximately $6.5 billion of new debt, according to TheStreet. The scale of the debt component will add meaningfully to Intel's leverage at a time when the company has been navigating a difficult period of restructuring and competitive pressure in both its foundry and client computing businesses.
Fab 34 is Intel's flagship European manufacturing site and one of its most advanced fabs, capable of producing chips on Intel's 4nm-class process node. Regaining full ownership consolidates Intel's strategic control over a facility central to its foundry ambitions in Europe, particularly as the continent seeks to reduce reliance on Asian chip production under the EU Chips Act framework.
Intel shares jumped 9% following the announcement, reflecting investor confidence that the move represents a firming of the company's commitment to its manufacturing strategy under chief executive Lip-Bu Tan, who took the role in March 2025.
