04:51 PM EDT, 06/04/2024 (MT Newswires) -- Intel ( INTC ) and Apollo Global Management ( APO ) said late Tuesday that Apollo-managed funds and affiliates will lead an investment of $11 billion to acquire a 49% equity interest in a joint venture entity related to Intel's ( INTC ) Fab 34 manufacturing facility in Ireland.

Intel ( INTC ), which will have a 51% controlling interest in the joint venture, plans to retain full ownership and operational control of Fab 34 and its assets, the companies said.

Intel ( INTC ) aims to enhance its balance sheet with capital at a cost below its cost of equity through this transaction.

To date, Intel ( INTC ) has invested $18.4 billion in the facility designed for wafers using the Intel ( INTC ) 4 and Intel ( INTC ) 3 process technologies.

The transaction will likely close in Q2, the companies said.

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