SK Hynix completes first phase of $9 bln Intel NAND business buy
Summary
REUTERS/Kim Hong-Ji SEOUL, Dec 30 (Reuters) - South Koreas SK Hynix Inc (000660.KS) said it had completed the first phase of its acquisition of Intel Corps (INTC.O) NAND flash memory chip business, after it received regulatory nods from eight countries including China. The deal, signed in 2020, will allow Intel to focus on its smaller but more lucrative Optane memory business. A SK Hynix subsidiary called Solidigm, headquartered in San Jose, California, United States, will manage the newly acquired NAND solid-state drive (SSD) business. SK Hynix co-CEO Lee Seok-hee will be appointed executive chairman of Solidigm, while Rob Crooke, former senior vice president of Intel, will be appointed CEO of Solidigm, SK Hynix said in the statement. The second phase of the deal is expected to close in or after March 2025 along with the payment of the remaining $2 billion, and will include SK Hynixs acquisition of Intels remaining assets in the NAND business including intellectual property and workforce, the statement added.
