Announcing that it would buy Tower Semiconductor in February last year, Intel faced the obstacle of the Chinese government. China’s State Market Regulatory Administration (SAMR) argued that Intel officials did not apply to the regulator for Tower Semiconductor. Stating that no decision has been made yet, SAMR postponed the purchase process.
Intel to complete its Tower Semiconductor acquisition in June
Announcing that they have reached an agreement with Tower Semiconductor in February 2022, the company will make an acquisition worth 5.4 billion dollars. Intel, which has determined a 12-month period for the completion of the acquisition process, has been blocked by the Chinese government in the past weeks.
Intel estimates that it will receive full regulatory approval by June 2023, as the first quarter of the fiscal year ends next week. Making a statement on the subject, Intel Israel said, “While we continue our efforts to close the Tower acquisition in the first quarter of 2023, a statement was made by the Chili government officials. We will complete the acquisition process in the first half of 2023, subject to certain regulatory approvals and customary closing conditions.” made statements.
Intel stocks fell: Here’s why!
Intel shares closed down 6.4 percent on Friday after the company announced its quarterly and full-year financial results.
The company appointed Stuart Pann as senior vice president and general manager of Intel Foundry Services (IPS) earlier this week. The company’s original plan was to place a Tower Semiconductor executive in this leadership role, but the possibility of a delayed merger caused internal plans to change.
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