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SoftBank Group Corp. agreed to buy $2 billion of Intel Corp. stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions.
Shares of the US chipmaker, which will issue new stock to SoftBank, surged more than 5% in after-hours trading. Shares of SoftBank fell as much as 5% Tuesday in Tokyo.
In announcing its investment in Intel, SoftBank paid tribute to the chip pioneer’s history.
“For more than 50 years, Intel has been a trusted leader in innovation,” Son said in a statement. “This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role.”
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