Intel agreed to buy Tower Semiconductor for $5.4 billion, the company announced Tuesday, as it seeks to meet rampant demand for computer chips.
The deal will give Intel a stronger foothold in specialty technologies in which Tower Semiconductor works, like radio frequency and industrial sensors. Intel also said Tower’s existing production facilities are “geographically complementary,” with a presence in the U.S. and Asia.
Intel has been working to meet the large global demand for chips, which has caused an ongoing shortage, in part by announcing in January an up to $100 billion investment in what could become the world’s largest chip production complex in Ohio.
Read more: CNBC
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