By Ramishah Maruf, CNN
New York (CNN) — Japan’s SoftBank will invest $2 billion into struggling American chipmaker Intel, the two companies announced Monday.
SoftBank will pay $23 per share of Intel common stock (INTC), according to a statement from the companies. Intel shares rose 6% in after-hours trading.
The news comes just days after reports that the White House is discussing taking a stake in Intel. Reports on Monday put the government’s possible stake at 10% of the chipmaker, worth roughly $10.5 billion.
The once-formidable Intel has fallen behind its rivals after failing to adapt to technology advances.
President Donald Trump and Intel CEO Lip-Bu Tan met last week following reports and allegations that the latter has ties to China. Trump described that meeting as meeting “very interesting” and said Tan’s “success and rise is an amazing story.”
Tan has been attempting a turnaround at the company since he took over in March. His plans include laying off 15% of Intel’s staff, which the company said it had nearly completed last month.
CNN’s Clare Duffy and Phil Mattingly contributed to this report.
The-CNN-Wire
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