Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Intel terminates plan to buy Tower Semiconductor

Published 08/16/2023, 03:27 AM
Updated 08/16/2023, 03:31 AM
© Reuters. FILE PHOTO: Tower Semiconductor is seen on smartphone in this illustration taken, February 15, 2022. REUTERS/Dado Ruvic/Illustration
INTC
-
TSEM
-

(Reuters) - Intel (NASDAQ:INTC) said on Wednesday it has terminated its plans to acquire Israeli contract chipmaker Tower Semiconductor (NASDAQ:TSEM) as it was unable to get timely regulatory approvals for the $5.4 billion deal.

Intel, which signed a deal to buy Tower last year, will pay a termination fee of $353 million to the latter, according to a statement.

Intel, however, did not mention the details about the regulatory approvals.

Reuters had reported late on Tuesday citing sources that Intel did not secure approval from Chinese regulators for the acquisition on time as required under the contract.

 

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.