Aug 25 (Reuters) - Intel ( INTC ) was represented by law
firm Skadden in the chipmaker's agreement for the United States
to take an almost 10% equity stake deal in the company,
according to documents filed on Monday with the U.S. Securities
and Exchange Commission.
Skadden has represented Intel ( INTC ) in a string of high-profile
matters, including an $11 billion deal reached last year with
Apollo Global Management ( APO ) related to Intel's ( INTC ) new
manufacturing facility in Ireland.
Under Intel's ( INTC ) agreement with President Donald Trump's
administration announced on August 22, the U.S. will purchase a
9.9% stake in Intel ( INTC ) for $8.9 billion, or $20.47 per share, which
represents a discount of about $4 from Intel's ( INTC ) closing share
price of $24.80 on Friday.
Skadden was one of nine major law firms that had pledged
earlier this year to contribute a combined $940 million in free
legal services to causes supported by Trump, in order to head
off a White House crackdown on firms which the president had
accused of racial discrimination and acting against the
country's interests.
Spokespersons for Skadden, Intel ( INTC ), the White House and the
U.S. Commerce Department did not immediately respond to requests
for comment, including on whether the government was represented
by an outside law firm in the deal with Intel ( INTC ).
The deal puts Trump on better terms with Intel ( INTC ) CEO Lip-Bu
Tan, after the president recently said the CEO should step down
due to conflicts of interest. But Intel ( INTC ) said Monday the deal
could pose risks to its business, from potentially harming
international sales to limiting its ability to secure future
government grants.
Trump on Monday said he would pursue other deals with
companies similar to the agreement with Intel ( INTC ).