Intel receives a $5 billion investment offer from Apollo Global, boosting its stock by 4%, as acquisition talks and recent cost cuts draw market attention.
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Intel has reported that they have received an investment offer for up to $5 Billion from Apollo Global management. Intel stock jumped 4 percent in pre-market trading Monday after the news broke. The acquisition is not set in stone and currently intel execs are still weighing the offer.
In recent news, Intel cut more than 15,000 jobs and over $10 billion in costs due to financial conditions worsening. The stock since the beginning of the year is down 54%, however recently the Biden administration has given up to $3 billion in funding to Intel to help the U.S military improve its capabilities and supply chain.
Qualcomm also tried to takeover Intel in recent days, however no offer has been made as the San Diego based company seeks to expand using the troubled chip maker (intel). Many will now be watching Intel stock as these acquisition talks continue and offers are decided by the executives at Intel.
