President Donald Trump announced on Friday that the U.S. government has agreed to acquire a 10% stake in Intel, the struggling Silicon Valley chipmaker.

The deal, which would convert existing government grants into an equity stake, would make the U.S. one of Intel’s largest shareholders. Trump said the agreement was reached during a recent meeting with Intel CEO Lip-Bu Tan, days after the president had publicly called for his resignation.

“I said, I think it would be good having the United States as your partner,” Trump told reporters. “He agreed, and they’ve agreed to do it.”

The White House is expected to make an official announcement later today. Intel has not yet responded to requests for comment.

The Trump administration has been in discussions to secure a 10% stake in Intel in ex

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