Intel and Taiwan Semiconductor Manufacturing Co have reached a preliminary agreement to form a joint venture to operate the U.S. chipmaker’s factories, the Information reported on Thursday, citing two people involved in the discussions. TSMC, the world’s largest contract chipmaker, will take a 20% stake in the new company, the report said. The White House and Commerce department officials have been pressing TSMC and Intel to strike a deal to resolve the long-running crisis at Intel, the report added. Intel and TSMC declined to comment, while the White House did not immediately respond to a Reuters request for comment. Reuters reported in March that TSMC had pitched Nvidia, Advanced Micro Devices and Broadcom to take stakes in a joint venture that would operate Intel’s factories, after the U.S. administration requested the Taiwanese chipmaking giant to help turn around the troubled U.S. icon. Intel in March appointed former board member and chip industry veteran Lip-Bu Tan as its CEO to revive its fortunes after it missed out on the artificial intelligence-driven semiconductor boom while plowing billions of dollars into building out its chip-making business.

Full report : Intel and TSMC have reached a preliminary agreement to form a joint venture that will operate Intel’s chipmaking facilities; TSMC will take a 20% stake.