Intel abandons Tower acquisition

Intel Corp. announced this week that it has mutually agreed with Tower Semiconductor to terminate its agreement of February 2022 to acquire the company, due to the inability to obtain the required regulatory approvals.​ In accordance with the terms of the agreement, Intel will pay a termination fee of US$353 million to Tower.

“Our respect for Tower has only grown through this process, and we will continue to look for opportunities to work together in the future,” ​said Intel chief executive officer (CEO) Pat Gelsinger.

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