Intel will invest $14 billion to buy back equity in a factory it previously sold.

Chipmaker Intel, which is working to restore its manufacturing strength, has agreed to pay $14.2 billion to buy back half of the ownership stake in an Irish plant it previously sold to Apollo Global Management.

Intel said in a statement on Wednesday that the deal will be financed through cash on hand and the issuance of about $6.5 billion in new debt.

Apollo previously invested $11.2 billion to buy a 49% stake in the company that later became a joint venture—an entity that acquired ownership of a facility known as Fab 34 in 2024. At the time, Intel said the transaction raised the funds needed to introduce new production technologies at the plant and at other U.S. plants.

Intel’s shares rose as much as 6.3% after opening on the New York Stock Exchange.

As part of Intel CEO Pat Gelsinger’s revival plan, he will repurchase a stake in an Irish manufacturing plant.

This latest move signals a shift at Intel. For much of 2025, Intel was in cost-cutting mode. After Pat Gelsinger took over in March of that year, he cut jobs, slowed expansion projects, and sought to divest businesses.

But Intel received a capital injection through a novel arrangement reached with the federal government. The deal brokered by the White House makes the U.S. government one of the company’s largest backers. Nvidia and SoftBank also made investments totaling several billions of dollars last year each.