Investing.com– Asset manager Apollo Global Management (NYSE:) offered to make an investment of up to $5 billion in beleaguered chipmaker Intel Corporation (NASDAQ:), Bloomberg reported on Sunday.
The asset manager indicated that it would be willing to make an equity-like investment in Intel, the Bloomberg report said, with top management of the chipmaker considering the offer.
The equity investment would grant Intel some much needed breathing room, as the company grapples with a sharp decline in sales and a potential cash crunch. Intel plans to shave off several business as part of a major restructuring, with the chipmaker having announced job cuts for as much as 15,000 employees earlier this year.
Intel may also split off its foundry business from its design business.
Apollo had earlier this year said it will acquire a 49% interest in a joint venture for Intel’s new production facility in Ireland for $11 billion.
Reuters…
