Key Highlights
Intel (INTC) and Tower Semiconductor (TSEM) Terminate Deal Following Delay in Chinese Review
Intel canceled its intended purchase of Israeli chip maker Tower Semiconductor after an unsuccessful 18-month wait for Chinese regulatory review.
The deal that was announced in February last year, was expected to accelerates Intel’s path to becoming a major provider of foundry services and capacity globally. Having endured its biggest-ever company loss of $2.76 billion, Intel ventured into diversification, aiming to establish itself as a crucial domestic foundry services provider. With this goal in mind, Intel was aiming to acquire the Israeli-based analog integrated circuit foundry for $5.4 billion by mid-summer 2023.