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Apollo Global Management Inc. (NYSE:APO) has reportedly been considering a multibillion-dollar investment in Intel Corp. (NASDAQ:INTC).
What Happened: Apollo has proposed to make an equity-like investment of up to $5 billion in Intel, reported Bloomberg, citing people familiar with the matter.
As per the sources, Intel’s executives are currently evaluating Apollo’s proposal.
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The size of the investment could change and there are also some chances that the discussions could fall through.
Apollo and Intel already have a business relationship.
Earlier this year in June, Intel agreed to sell a stake in a joint venture controlling a plant in Ireland to Apollo for $11 billion.
Why It Matters: This development occurred after it was reported that Qualcomm Inc. (NASDAQ:QCOM) was planning to acquire Intel.
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If the Qualcomm-Intel deal goes through, it could result in one of the largest M&A deals ever, surpassing Microsoft Corporation’s $69 billion acquisition of Activision Blizzard.
Intel’s second-quarter earnings reflected an 84.62% decline from the same period last year. The company reported quarterly earnings of 2 cents per share, which fell significantly short of the analyst consensus estimate of 10 cents.
In August it was reported that a prominent board member at Intel, Lip-Bu Tan resigned from his position following a dispute with CEO Pat Gelsinger and other directors.
This raised concerns about the company’s direction.
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This article Intel Has A New Knight In Shining Armor? After Qualcomm, Apollo Global Management Reportedly Proposes Multibillion-Dollar Investment originally appeared on Benzinga.com
