The US government has taken an $8.9 billion, 9.9% stake in Intel, buying 433.3 million shares in the chipmaker at a price of $20.47 per share. Via Yahoo News:
The government’s investment in Intel will be passive ownership, with no Board representation or other governance or information rights, Intel said in a statement. Intel said the government also agreed to vote with the company’s Board of Directors.
Sure, except when Trump picks up the phone and tells you what to do!
Intel said the government’s equity stake will be funded by the remaining $5.7 billion in grants previously awarded but not yet paid to Intel under the US CHIPS and Science Act and $3.2 billion awarded to the company as part of the Secure Enclave program.
Intel will continue to deliver on its Secure Enclave obligations and reaffirmed its commitment to delivering trusted and secure semiconductors to the US Department of Defense. The $8.9 billion investment is in addition to the $2.2 billion in CHIPS grants Intel has received to date, making for a total investment of $11.1 billion.
