Intel calls off $5.4 billion Tower deal after failing to obtain regulatory approvals

Intel will terminate a $5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower, the companies said Wednesday. Intel said that the deal was terminated “due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.”

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