Image Source: Intel
BEIJING, February 15 (TMTPOST) — International chip giant Intel (NASDAQ: INTC) announced that it has reached an official agreement with Israeli semiconductor solution provider Tower Semiconductor (Nasdaq: TSEM) on an acquisition.
Intel will acquire Tower Semiconductor at US$5.4 billion as each share is priced at US$53, according to the deal.
The acquisition is expected to drive forward Intel’s IDM 2.0 strategy, the company said. Intel’s IDM 2.0 strategy includes significant manufacturing expansions, plans for Intel to become a major provider of foundry capacity in the U.S. and Europe to serve customers globally, and expansion of Intel’s use of external foundries for some of its products.
The acquisition of Tower Semiconductor will help Intel increase its production capacity and gain access to the former’s semiconductor technologies, such as radio frequency and industrial sensors. The acquisition is expected to help Intel satisfy the increasing global demand for semiconductors.
Intel has been struggling to meet the large global demand for chips while there is an ongoing shortage in the semiconductor supply chain caused by the Covid-19 pandemic and increasing demand.
The deal is expected to close within 12 months. It has received unanimous support from Intel and Tower Semiconductor’s boards. The acquisition needs to receive approvals from several parties, including Tower Semiconductor’s shareholders and regulators.
Intel’s IFS (Intel Foundry Services) and Tower Semiconductor will continue to operate independently until the deal is completed. IFS will continue to be led by its president Randhir Thakur while Tower Semiconductor will be run by its CEO Russell Ellwanger.
Intel plans to merge IFS and Tower Semiconductor into a comprehensive foundry after the deal is completed. More details will be released in the future, Intel said in its announcement.
Intel’ share price went up by more than 1% during premarket trading. Tower Semiconductor shares soared by more than 36%.
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