SoftBank Group agreed to buy US$2 billion in Intel stock, a move that extends its US investment effort and offers a vote of confidence in the struggling chipmaker.
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SoftBank will pay US$23 a share for Intel ordinary share, according to a joint statement on Monday. The agreement, which the companies described as a move to “deepen their commitment” to US chip innovation, will be subject to customary closing conditions.
Intel shares jumped about 5 per cent in late trading after the announcement. They had closed at US$23.66 in New York after a year-to-date gain of 18 per cent.
SoftBank, based in Tokyo, has been expanding its US footprint. That includes a recent deal to buy Foxconn Technology Group’s electric vehicle plant in Ohio and establish a data centre project with OpenAI and Oracle dubbed Stargate.
Intel, meanwhile, is aiming to prove it can be a technology leader again after falling behind in the chip industry.
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