South Korea’s SK Hynix said it had completed the first phase of its acquisition of Intel Corp’s NAND flash memory chip business, after getting regulatory nods from eight countries including China.
In exchange, SK Hynix will pay USD 7 billion from the deal’s total USD 9 billion price tag, the world’s largest memory chip maker said in a statement. The agreement, signed in 2020, will allow Intel to focus on its small but highly profitable Optane memory business.
Park Jung-ho, Vice Chairman and Co-CEO of SK Hynix said, “This acquisition will present a paradigm shifting moment for SK Hynix’s NAND flash business to enter the global top tier level.
Read More: reuters