(Bloomberg) — Intel Corp. is expected to call off its planned $5.4 billion acquisition of Tower Semiconductor Ltd. as time to win regulatory approval runs out, according to people familiar with the matter.
Most Read from Bloomberg
The deadline for the transaction, announced in early 2022, is midnight California time on Aug. 15 and the companies don’t anticipate getting approval from China by that time, said the people, who asked not to be identified because the details are private.
A representative for Intel declined to comment on the approaching deadline, while Tower didn’t immediately respond to a request for comment.
The purchase of the Israeli company was part of Intel Chief Executive Officer Pat Gelsinger’s plan to get into a faster-growing part of the semiconductor industry, the foundry market dominated by Taiwan Semiconductor Manufacturing Co. Tower has a relatively small presence in that area — where companies make chips for clients on a contract basis — but has…
2023-08-16 00:54:54
Article from finance.yahoo.com
rnrn