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SK hynix to Acquire Intel NAND Memory Business for USD 9bn
Wednesday 21 October 2020

South Korea-based semiconductor supplier SK hynix has agreed to acquire the NAND memory and storage business of California-based and Intel for USD 9bn, the company said.

With this acquisition, SK hynix aims to enhance the competitiveness of its storage solutions, including enterprise SSDs, in the NAND flash space, and further aims to advance as a global semiconductor company.

SK hynix will acquire from Intel the remaining assets, including IP related to the manufacture and design of NAND flash wafers, R and D employees, and the Dalian fab workforce, upon a final closing, expected to occur in March 2025 with the remaining payment of USD 2bn.

Per the agreement, Intel will continue to manufacture NAND wafers at the Dalian Memory Manufacturing Facility and retain all IP related to the manufacture and design of NAND flash wafers until the final closing.

Citi served as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP, K and C and Fangda Partners served as legal counsel to SK hynix. BofA Securities served as financial advisor and Munger, Tolles and Olson LLP, Wilmer Cutler Pickering Hale and Dorr LLP, Linklaters LLP and Bae, Kim and Lee LLC served as legal counsel to Intel.

SK Hynix is a top tier semiconductor supplier offering Dynamic Random Access Memory chips (DRAM), flash memory chips (NAND flash) and CMOS Image Sensors (CIS).

Intel (NASDAQ: INTC) advances the design and manufacturing of semiconductors by embedding intelligence in the cloud, network, edge and every kind of computing device.
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Date Published: 21/10/2020

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