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    BAM.A   CA1125851040

BROOKFIELD ASSET MANAGEMENT INC.

(BAM.A)
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Delayed Toronto Stock Exchange  -  04:16 2022-12-02 pm EST
60.75 CAD   -3.22%
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Intel, Brookfield to invest up to $30 billion in Arizona chip factories

08/23/2022 | 08:44am EST
The Intel Corporation logo is seen  in Davos

(Reuters) - Intel Corp and Canada's Brookfield Asset Management on Tuesday agreed to jointly fund up to $30 billion for the U.S. chipmaker's leading-edge chip factories in Arizona.

The move comes after U.S. President Joe Biden earlier this month signed the CHIPS and Science Act into law, which included provision of $52.7 billion in subsidies for U.S. semiconductor production and research.

Brookfield's infrastructure affiliate will invest up to $15 billion for a 49% stake in the expansion project, while Intel will retain majority ownership and operating control of the two chip factories meant to make advanced chips in Chandler, Arizona.

Intel finance chief David Zinsner said the arrangement between the companies "builds on the momentum from the recent passage of the CHIPS Act in the U.S".

The investment is part of a deal between Intel and Brookfield in February this year to explore project finance options to help fund new Intel manufacturing sites.

Last month, Intel slashed its annual forecasts due to falling PC demand.

After Pat Gelsinger took over the reins of the company in early 2021, Intel had announced multi-billion dollar investments across Europe and in the United States.

They were aimed at increasing Intel's chip production after the industry went through an over two-year long supply crunch that derailed production of cars to computers.

(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. -3.22% 60.75 Delayed Quote.-17.83%
INTEL CORPORATION -1.41% 29.41 Delayed Quote.-42.08%
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Financials (USD)
Sales 2022 89 789 M - -
Net income 2022 - - -
Net Debt 2022 142 B - -
P/E ratio 2022 15,6x
Yield 2022 1,27%
Capitalization 71 001 M 71 001 M -
EV / Sales 2022 2,37x
EV / Sales 2023 2,31x
Nbr of Employees 180 000
Free-Float 76,1%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 45,11 $
Average target price 57,45 $
Spread / Average Target 27,4%
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Managers and Directors
James Bruce Flatt Chief Executive Officer & Director
Nicholas Goodman President & Chief Financial Officer
Frank J. McKenna Chairman
Dominic Dodds Managing Director-Technology
Lori A. Pearson Chief Operating Officer & Senior Managing Partner
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