ISTANBUL

Japan's SoftBank said on Tuesday it signed a $2 billion investment agreement with the US-based semiconductor producer Intel.

"The investment comes as both Intel and SoftBank deepen their commitment to investing in advanced technology and semiconductor innovation in the United States," the companies said in a statement.

Masayoshi Son, the CEO of SoftBank, said semiconductors are the foundation of every industry. "For more than 50 years, Intel has been a trusted leader in innovation.

"This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role."

“We are very pleased to deepen our relationship with SoftBank, a company that’s at the forefront of so many areas of emerging technology and innovation and shares our commitment to advancing U.S. technology and manufacturing leadership," said Lip-Bu Tan, the CEO of Intel.

The SoftBank Group would be buying $2 billion of Intel shares for $23 apiece.

"SoftBank’s investment in Intel builds upon its long-term vision of enabling the AI revolution by accelerating access to advanced technologies that support digital transformation, cloud computing, and next-generation infrastructure," the statement read.