Intel (INTC) Jumps 8.8% on Ireland Facility Takeover

Intel Corp. (NASDAQ:INTC) is one of the 10 Stocks Outperforming Wall Street with Outsized Gains.

Intel Corp. rallied for a second day on Wednesday, jumping 8.84 percent to finish at $48.03 apiece, as investors took heart from the $14.2 billion full takeover of its Fab 34 semiconductor facility in Ireland.

In a statement, Intel Corp. (NASDAQ:INTC) said that it would reacquire a 49 percent stake in Fab 34 from Apollo Global Management, reflecting its continued business momentum underpinned by the rapidly growing artificial intelligence industry.

It can be learned that Intel Corp. (NASDAQ:INTC) sold the said stake to Apollo in 2024 to raise more capital while preserving balance sheet strength that helped the chip manufacturer to unlock and redeploy capital to advance its strategic priorities.

“We thank Apollo for their ongoing partnership on our journey to build a world-class wafer fabrication and advanced packaging foundry anchored in trust, consistency, and execution,” Intel Corp. (NASDAQ:INTC) CFO David Zinsner said.

“Our 2024 agreement was the right structure at the right time and provided Intel with meaningful flexibility, enabling us to accelerate critical initiatives. Today, we have a stronger balance sheet, improved financial discipline and an evolved business strategy. We appreciate Apollo’s continued collaboration to reach this outcome as we realign our capital structure with our long-term strategy,” he noted.

The transaction is expected to be funded through a combination of cash on hand and debt of approximately $6.5 billion.

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