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Apollo to offer multibillion-dollar investment in Intel

by Stephanie Irvin
in Real Estate
Apollo to offer multibillion-dollar investment in Intel
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APOLLO Global Management has offered to make a multibillion-dollar investment in Intel, according to sources familiar with the matter, in a move that would be a vote of confidence in the chipmaker’s turnaround strategy.

The alternative asset manager has indicated in recent days it would be willing to make an equity-like investment of as much as US$5 billion in Intel, said one of the sources, who asked not to be identified discussing confidential information. Intel executives have been weighing Apollo’s proposal, the sources said.

Nothing has been finalised, the size of the potential investment could change and discussions could fall through, resulting in no deal, the sources added.

The development comes as California-based Qualcomm floats a friendly takeover of Intel, sources with knowledge of the matter said on Saturday (Sep 21), raising the prospect of one of the biggest-ever M&A deals.

Representatives for Apollo and Intel declined to comment.

Under chief executive officer Pat Gelsinger, Intel has been working on an expensive plan to remake itself and bring in new products, technology and outside customers. That initiative has led to a series of worsening earnings reports that have undermined confidence in the initiative and knocked tens of billions of US dollars off its market value.

While Apollo may best be known today for its insurance, buyout and credit strategies, the firm started out in the 1990s as a distressed investing specialist. BLOOMBERG

Tags: ApolloIntelInvestmentMultibillionDollarOffer
Stephanie Irvin

Stephanie Irvin

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