Intel buy back 49% Equity in Irish Fab
Fab 34 in Ireland remains a cornerstone of Intel’s global manufacturing network.
Intel Corporation has agreed to buy back the 49% stake it does not already own in its Irish Fab 34 joint venture from Apollo Global Management, in a deal valued at $14.2 billion. The move gives Intel full ownership of the facility and reflects its efforts to strengthen its financial position and align its capital structure with long-term strategy.
The joint venture was originally formed in 2024, when Apollo-led funds invested $11.2 billion for a 49% share in the Fab 34 entity. That arrangement provided Intel with capital flexibility while allowing it to continue advancing key manufacturing initiatives, including the rollout of its Intel 4 and Intel 3 process technologies in Europe, as well as Intel 18A in the United States.
With improved financial discipline and a stronger balance sheet, Intel is now reversing that structure. The company plans to fund the buyback using existing cash reserves alongside approximately $6.5 billion in new debt. It expects the transaction to boost earnings per share over time and enhance its credit profile from 2027 onward, while continuing to meet upcoming debt obligations.
Fab 34 in Ireland remains a cornerstone of Intel’s global manufacturing network. The facility is a high-volume production site for advanced chips built on Intel 4 and Intel 3 technologies, including processors such as Intel Core Ultra and Xeon 6. Intel has continued to invest heavily in its Irish operations to expand capacity and support demand for next-generation, AI-enabled computing systems.
Executives from both companies highlighted the success of the partnership. Intel’s leadership noted that the original deal provided crucial flexibility at a key stage in its manufacturing roadmap, while Apollo emphasised its role as a long-term strategic capital partner supporting Intel’s growth.
The transaction is expected to close subject to regulatory approvals and customary conditions.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management.
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