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Intel's attempted acquisition of Tower Semiconductor failed when China rejected the deal. Now Intel has partnered with Tower to provide specialty foundry U.S. manufacturing capacity and foundry services.
Intel Corp. INTC, +4.18% has struck an agreement with Tower Semiconductor TSEM, +0.86% through which Intel will provide foundry services and 300-millimeter manufacturing capacity, the companies said Tuesday. Tower plans to invest up to $300 million to acquire and own equipment and other assets that will be installed in Intel's New Mexico manufacturing facility.
After the deadline to get China's approval passed, Intel and Tower called off their acquisition. It's likely a negative for both parties.
Intel agreed to acquire Tower Semiconductor in early 2022, but the deal has been terminated. This is a setback for Intel, but the company is still on track to become a major force in the foundry business.
MIGDAL HAEMEK, Israel, August 17, 2023 – Tower Semiconductor (NASDAQ: TSEM; TASE: TSEM) today announced it will hold an Investor and Analyst conference call to discuss business, technology focus, and growth drivers, on Tuesday, September 5, 2023, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time).
CNBC's Kristina Partsinevelos joins 'Power Lunch' to discuss Intel scrapping $5.4 billion bid for chipmaker after China withholds approval.
Intel Corporation has terminated a $5.4 billion deal to buy Tower Semiconductor in Israel after failing to get needed regulatory approval, the US chip maker announced Wednesday.
Intel Corp. scrapped a $5.4 billion deal to acquire contract chipmaker Tower Semiconductor after the merger agreement expired without China giving regulatory approval.
Intel Corp. and Tower Semiconductor Ltd. shares fell Wednesday after the chip companies called off an acquisition because Intel was unable to secure regulatory clearances in time, but few on Wall Street appeared to be mourning the loss.
Intel (INTC) is ending its $5.4 billion deal to buy Tower Semiconductor (TSEM) after failing to get Chinese regulatory approval. As part of the deal's termination, Intel will pay Tower a $353 million fee.