Intel Buys Back Apollo’s 49% Stake in Irish Fab 34 Venture for $14.2 Billion
The chipmaker tapped a $6.5 billion bridge loan alongside cash on hand to regain full ownership of the semiconductor fabrication joint venture created in 2024.
April 08, 2026
Intel Corporation disclosed on April 8, 2026, that it has repurchased the 49 percent equity interest held by Apollo-managed funds and their affiliates in a joint venture tied to Intel’s Fab 34 manufacturing facility in Ireland. The transaction, valued at $14.2 billion, restores full ownership of the joint venture to Intel.
The repurchase was financed through a combination of cash on hand and a $6.5 billion bridge loan. Intel indicated it intends to refinance the bridge loan, subject to prevailing market conditions.
Background on the Joint Venture
The joint venture was originally established in June 2024 when Apollo-managed funds and affiliates acquired the 49 percent ownership stake. At that time, the parties also entered into a series of ancillary agreements governing Intel’s construction, commissioning, operation, management, maintenance, and utilization of Fab 34, as well as Intel’s purchase of wafers produced at the facility.
The buyback was executed pursuant to an agreement between the parties dated April 1, 2026. Intel now expects to terminate the various ancillary agreements that had governed the arrangement and wind up the joint venture.
Strategic Context
Fab 34 is Intel’s advanced semiconductor manufacturing facility located in Leixlip, Ireland. The original joint venture structure with Apollo was part of Intel’s broader strategy to share the capital burden of building out advanced chip fabrication capacity — a model the company has pursued as part of its foundry expansion efforts.
By bringing the venture fully in-house, Intel consolidates control over one of its key European manufacturing assets at a time when global semiconductor supply chains remain a strategic priority for both the industry and governments worldwide.
The disclosure was signed by David Zinsner, Intel’s Executive Vice President and Chief Financial Officer. Intel trades on the Nasdaq Global Select Market under the ticker INTC.
