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Bloomberg Television reported on September 23, 2024, citing people familiar with the matter, that Apollo had offered to make an equity-like investment of as much as $5 billion in Intel. The report described a proposal, not a confirmed agreement: the sources reviewed do not include confirmation from Intel or Apollo, or disclose terms beyond the reported amount and equity-like structure. Bloomberg Television’s report is the source for the claim.
What Bloomberg reported—and what remains unconfirmed
The reported figure is a ceiling: “as much as $5 billion,” not a stated final investment amount. Bloomberg characterized the proposal as equity-like and attributed it to people familiar with the matter. The report does not establish whether the offer was accepted, what conditions or governance rights it included, or whether it led to an agreement. Neither Intel nor Apollo confirmed the separate proposal in the sources reviewed.
That distinction matters: an offer is not the same as a signed agreement, a completed investment, or a company’s public commitment to sell an ownership stake. The report does not provide enough information to determine what “equity-like” meant in this case.
How it differs from Intel and Apollo’s announced Fab 34 deal
Intel and Apollo did announce a separate transaction on June 4, 2024: Apollo-managed funds and affiliates were to invest in a joint venture connected to Intel’s Fab 34 semiconductor facility in Leixlip, Ireland. Intel’s announcement described a definitive agreement and specified its principal terms. Those facts do not confirm the separate offer later reported by Bloomberg.
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| Question | Bloomberg-reported proposal | Announced Fab 34 joint venture |
|---|---|---|
| Reported or announced amount | Up to $5 billion, according to Bloomberg Television, September 23, 2024, citing people familiar with the matter. The report does not state a completed investment amount. Source | Intel announced $11 billion on June 4, 2024, for Apollo-managed funds and affiliates to acquire a 49% interest in the joint venture. Apollo’s June 2026 retrospective describes the investment as $11.2 billion; that is Apollo’s later figure, not Intel’s announced figure. Intel announcement; Apollo retrospective |
| Agreement status | Reported offer; no definitive agreement or completed transaction is established by the cited report or the other sources reviewed. | Intel announced a definitive agreement. The joint venture was formed to own the Fab 34-related interest. |
| Asset or interest | The report describes an equity-like investment in Intel but does not identify a specific asset, ownership percentage, or detailed structure. | A 49% equity interest in a joint venture related to Fab 34. The venture had rights to manufacture wafers at the facility, with Intel purchasing wafers on a cost-plus-margin basis. |
| Control | Not stated in the report. | Intel retained a 51% controlling interest in the joint venture and full ownership and operational control of the facility. |
| Later status | The sources reviewed do not establish that this proposal became the Fab 34 transaction or otherwise led to a completed deal. | Intel later repurchased Apollo’s joint-venture interest in a completed transaction in April 2026. |
Intel CFO David Zinsner said the Fab 34 transaction would let Intel share its investment with an established financial partner while maintaining its investment-grade credit rating. That statement referred to the announced joint venture, not to the separately reported proposal.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Intel’s 2026 repurchase was a separate documented transaction
In an April 8, 2026 Form 8-K, Intel reported that it had repurchased the Apollo-managed funds’ and affiliates’ 49% interest in the joint venture for $14.2 billion. Intel said it financed the repurchase with cash on hand and a $6.5 billion bridge loan, which it intended to refinance subject to market conditions. After the repurchase, Intel owned 100% of the joint venture. Intel’s Form 8-K
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The filing documents the end of Apollo’s participation in the Fab 34 joint venture. It does not say that the repurchase confirmed, resolved, or was the same transaction as the up-to-$5-billion offer Bloomberg reported in 2024.
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What readers can conclude
- Bloomberg reported an offer of up to $5 billion, describing it as equity-like and citing unnamed people familiar with the matter.
- The offer’s acceptance, detailed terms, and outcome are not established in the sources reviewed.
- The $11 billion figure Intel announced—and Apollo’s later $11.2 billion retrospective figure—refer to the distinct Fab 34 joint venture investment.
- Intel’s $14.2 billion repurchase in 2026 ended Apollo’s 49% interest in that joint venture; it does not establish what happened to the separately reported proposal.
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