Qualcomm and Broadcomm are reportedly not the only companies interested in Intel, with Yahoo owner Apollo Global Management interested in making a multibillion-dollar investment.

Reports surfaced Friday that Qualcomm was making a friendly takeover offer for Intel, a move that could revolutionize Qualcomm’s business. At the time, there were lingering questions about whether Intel’s leadership would be open to such a deal, but subsequent reports indicated the beleaguered company is open to a deal. At the same time, rumors portrayed Broadcom as having at least a passing interest in purchasing Intel before scrapping the idea over concerns about gaining regulatory approval.

Catch our convo on the buzz around Apollo Global eyeing an investment in Intel!

The latest report from Bloomberg says that Apollo has offered to make a massive investment in the chipmaker to the tune of billions of dollars. Unlike Qualcomm’s interest, Apollo’s offer would be an effort to prop Intel up and give it the funds and time it needs to complete its turnaround.

As a result, Apollo’s offer could be far more appealing option than being bought out by Qualcomm, giving Intel a shot at remaining independent. In contrast, Qualcomm could end up selling off parts of Intel and absorbing the rest in such a way that whatever was left would largely be unrecognizable.

An Apollo deal would likely face less regulatory hurdles, in contrast to a Qualcomm takeover. Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada wrote about the challenges the latter deal would face.

“The deal faces significant regulatory, financial and execution challenges,” they wrote. “With only $13 billion in cash on hand, Qualcomm would likely need additional investors and asset divestitures to make the purchase feasible. The deal’s strategic fit could also raise concerns.”

Apollo’s Track Record Reviving Tech Companies

Although Apollo’s traditional investments usually revolve around credit, hedge funds, real estate, and other financial-oriented markets, the company does have an existing track record investing in—and turning around—tech companies.

Most notably, Apollo purchased Yahoo from Verizon in 2021, giving the company a chance to reclaim its former glory.

“We look forward to partnering with Yahoo’s talented employee base to build on the company’s strong momentum and position the new Yahoo for long-term success as a standalone consumer internet and digital media leader,” Reed Rayman, Partner at Apollo, said at the time. “We couldn’t be more excited about this next chapter for Yahoo as we look to invest in growth across the business, including accelerating its customer-first offerings and commerce capabilities, expanding its reach and enhancing the daily user experience.”

“This is a new era for Yahoo,” Guru Gowrappan, Yahoo CEO, added. “The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity. We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and a brand, and we look forward to creating that future with our new partners.”

In the time since Apollo acquired Yahoo, the company has teased a return to the search engine market, spun Vespa.ai into an independent company, used AI to improve some of its most popular products, and purchased a number of startups to help improve its products. A Yahoo IPO is even on the table once again.

By all accounts, Yahoo is firing on all cylinders and doing better than it has in years, thanks largely to Apollo’s involvement.

If Apollo is able to bring that same level of assistance to Intel—in addition to the multibillion-dollar investment—it could help Intel finally turn things around without destroying the Intel that has been a significant force in the industry for decades.