Nvidia, the American technology company, has acquired $5 billion worth of shares in Intel, according to a statement issued by the American semiconductor company on Monday, December 29, thus executing a deal announced in September.
The leading AI chip designer announced in September that it would pay $23.28 per share of Intel common stock, in a deal considered a significant financial lifeline for the chipmaker after years of missteps and intensive production capacity expansions that drained its financial resources.
The world's most valuable company purchased more than 214.7 million shares of Intel stock at the price set in the September agreement, in a private placement, according to a statement on Monday.
US antitrust authorities had approved Nvidia's investment in Intel, according to a notice published by the US Federal Trade Commission earlier in December.
Nvidia shares fell 1.3% in pre-market trading, while Intel shares saw a slight increase.
