President Donald Trump said that Intel has agreed to give the U.S. government a 10% stake in its business.

Speaking with reporters on Friday, Trump said the deal came out of a meeting last week with Intel CEO Lip Bu Tan which came days after the president called for Tan to resign over his past ties to China.

I said, I think it would be good having the United States as your partner, Trump said. He agreed, and theyve agreed to do it.

Intel did not immediately respond to a request for comment on the agreement.

The struggling Silicon Valley chipmaker has a market cap of just over $100 billion. The agreement comes just after Japanese technology giant SoftBank Group disclosed Monday that it is accumulating its 2% stake in Intel.

The official announcement is expected to come later Friday, ac

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