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Intel (NASDAQ:INTC) said it has agreed to sell a roughly 20% stake in its IMS Nanofabrication GmbH business to Bain Capital Special Situations. The deal values the Austria-based IMS business at about $4.3 billion.

Intel expects the deal will be closed in the third quarter of 2023. Subject to deal completion, IMS will operate as a standalone subsidiary and will continue to be led by CEO Elmar Platzgummer.

“Bain Capital’s investment and partnership will provide IMS with increased independence and bring strategic perspective to help accelerate the next phase of lithography technology innovation, ultimately benefitting the ecosystem as a whole,” said Matt Poirier, senior vice president of Corporate Development at Intel.

“We believe IMS is well-positioned to capitalize on attractive secular tailwinds as additional chip production capacity comes online and build on its leading competitive position, tech differentiation and cutting-edge product capabilities,” added Marvin Larbi-Yeboa, a partner at Bain Capital.

Intel initially invested in IMS in 2009 before ultimately acquiring the business in 2015.