Intel first announced plans to buy Tower Semiconductor in 2022 for $5.4 billion, but is now terminating the deal saying it failed to get regulatory approval.
Intel on Wednesday terminated its acquisition of Israeli chipmaker Tower Semiconductor, saying it failed to get the required regulatory approval.Intel announced plans to buy Tower in February 2022 for $5.4 billion. Tower is a contract chipmaker that manufactures semiconductors for other companies.
on Wednesday terminated its acquisition of Israeli chipmaker Tower Semiconductor, saying it failed to secure the required regulatory approval.it is scrapping the planned deal"due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement."Get San Diego local news, weather forecasts, sports and lifestyle stories to your inbox.
The deal would have given Intel a foothold in the specialty technologies on which Tower focuses, like radio frequency and industrial sensors.
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