Intel to sell 20% stake in Austrian chip company
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The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd Wiegmann
(Reuters) - Intel said on Wednesday it would sell one-fifth of its stake in IMS Nanofabrication to private equity firm Bain Capital in a deal valuing the Austrian producer of chipmaking tools at about $4.3 billion.
Intel's stake sale of 20% was valued at $860 million, according to Reuters calculations.
IMS, which was acquired by Intel in 2015, makes equipment that are critical for companies that make chips.
It has delivered a significant return on investment to Intel while growing its workforce and production capacity by four times, Intel said.
Bain Capital's investment in IMS will put it in a position to capture significant market share for its tools that are being widely adopted by chipmakers, Intel said.
(Reporting by Akash Sriram and Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli)
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