Intel (INTC) is nearing a deal to build an advanced semiconductor packaging and assembly plant in Italy, estimated to be worth $5 billion initially, Reuters reported Thursday, citing two unnamed sources briefed on the talks.
According to the sources, Italian Prime Minister Mario Draghi was aiming to secure an agreement for the project by the end of August, before the country's snap national election on Sept. 25. Reuters said sources have previously disclosed the government could fund up to 40% of Intel's investment in Italy.
The final decision on the plant's location remains pending, Reuters quoted the sources as saying Intel and the government have already shortlisted potential sites.