Intel to invest $20B in Ohio chip facility; Petsmart, KKR eye SPAC deal; Adele postpones Las Vegas residency
Yahoo Finance Live's Julie Hyman discusses Intel's plan to broaden its chip-making business in the U.S., PetSmart going public through a SPAC merger, and Adele postponing her Las Vegas residency due to COVID-19 concerns.
JULIE HYMAN: Intel plans to spend $20 billion on a new chip manufacturing complex near Columbus, Ohio. The company will initially have two chip factories employing 3,000 workers on the 1,000-acre site targeting operations beginning by 2025. This move comes as Intel looks to broaden its chipmaking business, particularly in the US. And it's made more than $100 billion in investment pledges for over the past year.
PetSmart is in talks to go public through a SPAC merger with a blank check company backed by private equity firm KKR. That's according to Bloomberg. That deal would reportedly be valued at $14 billion, including debt. Those talks are still in the early stages and could still end without an agreement. PetSmart has been private since 2015 when it was bought by private equity firms led by VC partners for $8.7 billion.
And in a tearful announcement, Adele postponed her Las Vegas residency due to COVID-19 concerns. The singer shared that she is, quote, "absolutely destroyed by this," and half her team has COVID-19. She was set to kick off a residency today at Caesars Palace. She didn't share any new dates. Demand for the concerts, by the way, had been hot, ticket prices in the secondary market reportedly rising to as high as $30,000 per seat.