Apollo, KKR and Stonepeak consider investing billions in Intel Chip JV

(Bloomberg) — Apollo Global Management Inc., KKR & Co. and Stonepeak could inject billions of dollars into a joint venture that will help finance Intel Corp.’s semiconductor manufacturing unit. in Ireland, according to people with knowledge of the matter.

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Alternative asset managers are considering investing in a joint venture that could raise several billion dollars, including debt, the people said. The chipmaking giant, which is working with an advisor, has 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, a consortium led by Apollo agreed to acquire a 49.9% stake in Anheuser-Busch InBev’s U.S.-based metal container manufacturing plants, in a deal that allowed AB InBev to pay off debt while maintaining control of the unit. .

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

–With help from Ian King.

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