Apollo eyes $5 billion investment in Intel, Bloomberg News reports

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Apollo eyes $5 billion investment in Intel, Bloomberg News reports

(Reuters) -U.S.-based asset management company Apollo Global Management has offered to make an investment of as much as $5 billion in Intel, Bloomberg News reported on Sunday.

Apollo has indicated in recent days it would be willing to make an equity-like investment of billions of dollars in Intel, the report said, citing a person familiar with the matter.

The news comes at a moment of weakness for Intel, which was once the most valuable chipmaker in the world, but whose shares have lost nearly 60% of their value since the start of the year.

Intel executives have been weighing Apollo’s proposal, Bloomberg reported, adding that talks regarding the deal are in a preliminary stage and have not been finalized.

Bloomberg said that the size of the potential investment in Intel could change and discussions regarding a deal could also fall through.

Intel declined to comment on the Bloomberg News report, while Apollo did not respond to a Reuters’ request for comment.

Earlier this year, Apollo said it will acquire a 49% equity interest in a ****** venture related to Intel’s new manufacturing facility in Ireland for $11 billion.

The development for an investment in Intel comes soon after Qualcomm has in recent days approached Intel to explore a potential acquisition of the troubled chipmaker in what could be a transformational deal in the sector but faces many hurdles.

Qualcomm CEO Cristiano Amon is personally involved in the negotiations to acquire five-decade-old Intel, which are currently in an early stage, Reuters reported on Friday citing a source who was briefed on the matter.

Previously, Qualcomm has also explored acquiring pieces of Intel’s chip design business.

(Reporting by Mrinmay Dey in Bengaluru; Editing by Lisa Shumaker)

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