Intel has bought back its 49% stake in the Fab 34 joint venture from Apollo for $14.2 billion. The move follows a 2024 deal that saw Apollo invest $11.2 billion to acquire the same share, giving Intel a cash‑like capital boost while keeping its balance sheet strong. The purchase underscores Intel’s focus on AI‑driven CPUs.

Funding the repurchase will come from Intel’s cash reserves and a new debt issuance of roughly $6.5 billion. Management says the deal will be accretive to earnings per share and will tighten the company’s credit profile through 2027. The cash freed up will help push forward Intel 4, Intel 3, and Intel 18A projects.

Fab 34 remains a cornerstone of Intel’s European footprint, running high‑volume production on Intel 4 and Intel 3 nodes. The plant churns out flagship products such as the Core Ultra and Xeon 6 processors, which power