Intel, Apollo talk $11B investment in Republic of Ireland

Intel reportedly reached advanced discussions with a US-based investment company for $11 billion in funding for a chip manufacturing plant in the Republic of Ireland, with a deal expected to close in the coming weeks.

The Wall Street Journal wrote the exclusive talks with Apollo Global Management are another element of Intel CEO Pat Gelsinger’s attempt to diversify its manufacturing operations into regions outside of Asia while better competing against rivals Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC).

It reported the deal could be similar to an arrangement Intel struck in 2022 with Brookfield Asset Management to invest up to $15 billion in a manufacturing expansion in Arizona.

Europe and the US are seeking to broaden chip production to improve supply chains and lessen reliance on Chinese chip manufacturing facilities.

The EU unveiled the European Chips Act in 2022, a €43 billion subsidy plan to double the continent’s chipmaking capacity by 2030.

Intel announced in March it is in line to receive up to $8.5 billion in direct funding from the US CHIPS and Science Act as part of a commitment to invest $100 billion into chip manufacturing over a five-year period.

Foundry lead
Intel separately announced it appointed Kevin O’Buckley as SVP and GM of its Foundry Services, the customer service and operations division of Intel Foundry, replacing Stuart Pann, who will retire at the end of the month after 35 years with the company.

O’Buckley was previously SVP of hardware engineering for the custom, compute and storage group at Marvell Technologies.