Termination fee of $353 million wipes out Intel Foundry Services' revenue for last quarter
Intel's planned $5.4 billion buy of Israeli chip biz Tower Semiconductor has fallen through after the vendor failed to get regulatory approval from China within the time frame for the deal to close.The two companies19 months ago that they'd entered into a definitive agreement for Intel to acquire Tower Semiconductor, which specializes in manufacturing high-value analog semiconductor components for customers worldwide.
The transaction was originally expected to close within 12 months, but the pair extended the deadline while awaiting approval from China's State Administration for Market Regulation , first until June and then again to August 15.Now it appears that rather than extend the deadline further, Intel and Tower Semiconductor have mutually agreed to call the whole deal off.
Stuart Pann, Intel senior vice president and general manager for IFS, claimed today the company had nevertheless made significant advancements toward becoming the second largest global external foundry by 2030.
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