Apollo, KKR, Stonepeak Weigh Investing Billions in Intel Chip JV

(Bloomberg) -- Apollo Global Management Inc., KKR & Co. and Stonepeak may inject billions of dollars into a joint venture that will help fund Intel Corp.’s semiconductor fabrication facility in Ireland, according to people with knowledge of the matter.

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The alternative asset managers are considering investing in a joint venture that could raise several billion dollars, including debt, the people said. The chip-making giant, which is working with an adviser, had begun soliciting interest from potential investors, Bloomberg News reported in February.

Terms, including the size and structure of the potential joint venture, have not been finalized and could still change, the people said.

Representatives for Apollo, KKR, Stonepeak and Intel declined to comment.

In December 2020, an Apollo-led consortium agreed to acquire a 49.9% stake in Anheuser-Busch InBev’s US-based metal container plants, in a deal that enabled AB InBev to repay debt while retaining control of the unit.

Any pact with Apollo would follow a 2022 transaction in which Brookfield Infrastructure Partners agreed to invest as much as $15 billion for a 49% stake in Intel’s manufacturing expansion at its Ocotillo campus in Chandler, Arizona.

--With assistance from Ian King.

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