Gibson Dunn & Crutcher and Davis Polk & Wardwell have scored roles in Intel Corporation's upsized sale of $20bn worth of new stock, according to a filing with the Securities and Exchange Commission.
Gibson Dunn is guiding longtime client Intel on the offering, its first public share sale since the chipmaker went public in 1971. San Francisco-based partner Stewart McDowell, co-chair of the firm's capital markets practice, is part of the team according to the SEC filing.
Meanwhile, Davis Polk is advising the underwriters, a group that includes JP Morgan Securities, Goldman Sachs & Co, Morgan Stanley & Co and Citigroup Global Markets.
Reuters reported the sale comes as Intel looks to fund the costly build-out of its chip contract manufacturing business. The chipmaker said on Tuesday it had upsized the offering to $20bn from the previously announced offering size of $15bn, with an offer price of $95 per share.
Intel cited "unprecedented investment in AI compute" in a Monday statement announcing the sale and pointed to emerging areas including physical AI, purpose-built silicon and advanced packaging as "significant growth opportunities" for the business.
Gibson Dunn has advised the chipmaker on some of its largest deals, including its $4.1bn investment in Dutch multinational ASML Holding, one of the largest suppliers for the semiconductor industry, in 2012, and its $16.7bn acquisition of Altera three years later. It has also acted for Intel in high-stakes litigation, including successfully defending the company against investor class actions arising from its $8bn acquisition of McAfee back in 2010.
Gibson Dunn and Davis Polk also advised on SpaceX's mammoth IPO in June, with the former acting as lead counsel to SpaceX and Davis Polk advising the underwriting banking syndicate led by Goldman Sachs.
Intel's offering is expected to close on August 12, 2026, subject to customary closing conditions.
Earlier this year, Intel tapped Zoom COO Aparna Bawa as its chief legal and people officer, replacing CLO April Miller Boise.
Email your news and story ideas to: [email protected]
