Intel (INTC) has announced plans to repurchase Apollo Global Management’s 49% stake in the joint venture tied to Fab 34 in Leixlip, Ireland, for $14.2 billion. The move reverses a financing deal Intel struck in June 2024, when Apollo agreed to invest about $11 billion for the same 49%. The company plans to fund the deal with existing cash and about $6.5 billion of new debt, and it expects the transaction to support its profitability and credit profile by 2027. Fab 34 is one of Intel's most important manufacturing assets in Europe and supports Intel 4 and Intel 3 process technologies. The announcement of the repurchase led to a sharp rise in Intel's shares, with intraday gains pushing higher than 9%.