Apollo has agreed to sell its 49% stake in Intel’s Ireland Fab 34 joint venture for $14.2bn, marking a significant exit from one of the largest semiconductor financing transactions in recent years.

The stake was originally acquired in 2024 through a $11.2bn investment, providing Intel with equity-like capital to support its manufacturing expansion while maintaining balance sheet flexibility.

The repurchase reflects Intel’s strengthened financial position and its decision to realign its capital structure as demand for advanced semiconductor manufacturing accelerates.

“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 Jamshid Ehsani, Partner at Apollo.

The transaction will be funded through a combination of cash and approximately $6.5bn in new debt issuance, and is expected to be accretive to Intel’s earnings per share over time.

Fab 34 remains a central component of Intel’s global manufacturing footprint, producing advanced chips using its latest process technologies.

For Apollo, the exit highlights its role as a flexible capital provider, structuring large-scale investments that support corporate strategy while generating attractive returns.

“Flexibility and alignment are core to how we approach relationships as a long-term, solutions-oriented capital partner, and we are pleased to facilitate this transaction in support of Intel’s evolving strategic and operational priorities,” Ehsani added.

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