SoftBank to invest $2B in Intel

SoftBank (SFTBY) and Intel (INTC) announced their signing of a definitive securities purchase agreement, under which SoftBank will make a $2B investment in Intel common stock. The investment comes as both Intel and SoftBank deepen their commitment to investing in advanced technology and semiconductor innovation in the United States. Masayoshi Son, Chairman & CEO of SoftBank Group Corp., said: “Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. 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.” Lip-Bu Tan, CEO of Intel, said: “We are very pleased to deepen our relationship with SoftBank, a company that’s at the forefront of so many areas of emerging technology and innovation and shares our commitment to advancing U.S. technology and manufacturing leadership. Masa and I have worked closely together for decades, and I appreciate the confidence he has placed in Intel with this investment.” Under the terms of the agreement, SoftBank will pay $23 per share of Intel common stock. The transaction is subject to customary closing conditions.