{"id":12120,"date":"2023-08-16T03:06:36","date_gmt":"2023-08-16T03:06:36","guid":{"rendered":"https:\/\/isafespend.com\/investing\/intel-to-walk-away-from-5-4-billion-acquisition-of-tower-semiconductor-sources\/"},"modified":"2023-08-16T03:06:37","modified_gmt":"2023-08-16T03:06:37","slug":"intel-to-walk-away-from-5-4-billion-acquisition-of-tower-semiconductor-sources","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12120","title":{"rendered":"Intel to walk away from $5.4 billion acquisition of Tower Semiconductor-sources"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Anirban Sen<\/p>\n

NEW YORK (Reuters) – Intel Corp <\/span><\/span> (NASDAQ:) will walk away from its $5.4 billion deal to acquire Israeli contract chipmaker Tower Semiconductor <\/span><\/span> (NASDAQ:) Ltd once the companies’ contract expires later on Tuesday, according to people familiar with the matter.<\/p>\n

Intel, which signed the deal to buy Tower in February 2022, did not secure approval from Chinese regulators for the acquisition as required under its contract with Tower, the sources said.<\/p>\n

It does not plan to negotiate an extension of the contract, and will instead pay Tower a $353 million break-up fee to walk away, the sources added.<\/p>\n

Intel and Tower declined to comment. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. REUTERS\/Dado Ruvic\/Illustration\/File Photo By Anirban Sen NEW YORK (Reuters) – Intel Corp (NASDAQ:) will walk away from its $5.4 billion deal to acquire Israeli contract chipmaker Tower Semiconductor (NASDAQ:) Ltd once the<\/p>\n","protected":false},"author":1,"featured_media":12121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12120","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nIntel to walk away from $5.4 billion acquisition of Tower Semiconductor-sources | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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