SoftBank agrees to invest $2 billion in Intel

According to a joint statement released on Monday, SoftBank Group has signed an agreement to invest $2 billion in US semiconductor company Intel.

The Japanese firm will pay $23 for each common share of Intel. Earlier on Monday, Bloomberg News reported that the US government is negotiating to acquire a 10% stake in Intel.

This follows President Trump’s call earlier this month for the resignation of the company’s CEO, Lip-Bu Tan.

Press reports from last week suggested that the US government might obtain a stake in Intel after a meeting between CEO Lip-Bu Tan and President Donald Trump.

This meeting was prompted by Trump’s demand for Intel’s new boss to resign due to connections with Chinese companies. Intel did not provide an immediate response to Reuters’ request for comment, while SoftBank stated it could not offer any additional details beyond those in the press release.