Intel is set to buy back the remaining 49 per cent of its Irish Fab 34 semiconductor fabrication plant from Apollo Global Management for $14.2 billion, it announced on 1 April.

Intel sold half of the plant’s equity to Apollo for $11.2 billion in 2024 following concerns over a weak balance sheet. Since then, its financial position has improved sufficiently for the company to bring the plant back under full control.

Intel’s chief financial officer, David Zinsner said the 2024 deal was “the right structure at the time” and thanked Apollo for its ongoing partnership. The purchase will be funded through cash on hand and the issuance of $6.5 billion in new debt, Intel said.

“Our partnership with Intel began at an important stage in the execution of its advanced manufacturing roadmap, where our long-term strategic capital played a meaningful role in accelerating the production of next-generation chip technology,” said Apollo partner Jamshid Ehsani. “This mutually beneficial transaction is a testament to how we operate: client-driven and focused on long-term partnership.”

Intel’s Fab 34 is a high-volume semiconductor manufacturing facility producing chips using the Intel 4 and Intel 3 process technologies, including its flagship Intel Core Ultra and Xeon 6 processors.

In the last two years, Intel has pulled itself back from the brink, benefitting from growing interest in the use of CPUs in AI infrastructure and its August 2025 deal to sell 9 per cent of its shares to the US government.

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