Intel (NASDAQ:INTC) disclosed late on Monday that the beleaguered chipmaker had completed the issuance and sale of 86.95M shares to SoftBank (OTCPK:SFTBY) at $23 per share.
The previously announced investment by SoftBank is one of several moves the Lip Bu-Tan-led company has undertaken to shore up its balance sheet. In August, the Trump administration took an $11.1B stake in Intel, though the company warned that the U.S. investment could harm its operations in other countries. Earlier this month, Intel and Nvidia (NVDA) signed a deal that would see the duo co-develop PC and data center chips. Simultaneously, Nvidia said it would take a $5B stake in Intel.
Santa Clara, Calif.-based Intel has also spoken to other companies about acquiring stakes in it, including Apple (AAPL).
Intel shares fell 1.6% in premarket trading on Tuesday, but have surged more than 70% year-to-date.
