Intel’s high-stakes dance with Washington just gained a new partner in the spotlight—law firm Skadden, which quietly steered the chip giant through its deal granting the U.S. government nearly 10% ownership in the company.
Fresh filings with the Securities and Exchange Commission reveal that Skadden handled the legal groundwork for the $8.9 billion arrangement, giving the Trump administration a 9.9% equity stake priced at $20.47 per share—roughly four dollars below Intel’s most recent closing price.
This isn’t Skadden’s first big-ticket assignment for Intel. The firm also guided the company through its $11 billion agreement with Apollo Global Management last year, a cornerstone in Intel’s push to expand manufacturing in Ireland.
The law firm has also been under unusual political scrutiny. Earlier this year, Skadden joined eight other legal powerhouses in pledging nearly a billion dollars in pro bono services to causes championed by President Trump—an effort widely seen as a defensive maneuver against White House threats to punish firms accused of undermining national interests.
The Intel deal could reshape the company’s relationship with Washington, though risks remain. Intel warned in its filing that the government stake might rattle overseas customers and hinder access to future grants. Still, the move marks a sharp shift in tone between Trump and Intel CEO Lip-Bu Tan, after weeks of presidential pressure for him to step down over alleged conflicts.
The White House has signaled this deal may only be the beginning, hinting at similar arrangements with other corporate heavyweights.
