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Intel has abandoned its $5.4 billion acquisition plan of contract chipmaker Tower Semiconductor due to difficulties in obtaining necessary regulatory approvals. The acquisition, aimed at enhancing Intel's chip-making capabilities and global reach, faced challenges, particularly in China, where concerns about the deal were growing. Despite efforts by Intel's CEO Pat Gelsinger to build relationships and gain support from industry and government in China, regulatory approval from this crucial market couldn't be secured. As a result, Intel will pay a termination fee of $353 million to Tower Semiconductor. The decision highlights Intel's commitment to its broader IDM 2.0 strategy and foundry efforts. #Intel #TowerSemiconductor #Acquisition #Contract #Chip #RegulatoryApproval #China #USA #Canada #Tech #ITW Image: Reuters

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