South Korea’s SK Hynix Inc said it had completed the first phase of its acquisition of Intel Corp’s NAND flash memory chip business, after it received regulatory nods from eight countries including China.
In exchange, SK Hynix will pay $7 billion out of the deal’s total $9 billion price tag, the world’s second-largest memory chip maker said in a statement on Thursday.
The second phase of the deal is expected to close in or after March 2025 along with the payment of the remaining $2 billion, and will include SK Hynix’s acquisition of Intel’s remaining assets in the NAND business including intellectual property and workforce, the statement added.
Read more/Source: Reuters
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