Intel Terminates Its $5.4 Billion Acquisition of Tower Semiconductor After Regulators Fail to Approve Deal

Intel on Wednesday terminated its acquisition of Israeli chipmaker Tower Semiconductor, saying it failed to secure the required regulatory approval.

The tech giant said in a statement it is scrapping the planned deal “due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.”

Intel will pay a termination fee of $353 million to Tower.

Intel announced intentions to buy Tower — a contract chipmaker that manufactures semiconductors for other companies — in February 2022 for $5.4 billion.

Read the source article at CNBC