Intel Drops $5.4 Billion Deal After China Holds Up Approval
- Deal for Tower Semiconductor needed Chinese antitrust approval
- The deadline for completing the transaction was Aug. 15
This article is for subscribers only.
Intel Corp. walked away from its attempt to acquire Tower Semiconductor Ltd., abandoning a $5.4 billion deal after failing to win Chinese regulatory approval in time.
Intel mutually agreed with Tower to terminate the February 2022 agreement, it said in a statement Wednesday. The Israeli firm confirmed the deal was scrapped. The two companies were expected to call off the deal after failing to get Chinese approval, Bloomberg News reported earlier.