- Intel Corporation (NASDAQ: INTC) announced it agreed to sell the NAND memory and storage operations to SK Hynix Inc (KRX: 000660) for $9 billion. These are the details.
Intel Corporation (NASDAQ: INTC) announced it agreed to sell the NAND memory and storage operations to SK Hynix Inc (KRX: 000660) for $9 billion. Both of the companies made the announcement in a joint statement.
This deal includes the NAND SSD operations, the NAND component and wafer operations, and the Dalian NAND memory manufacturing facility in China at the initial closing — which is expected to happen in late 2021 after regulatory approvals are obtained. Then SK hynix will acquire the remaining assets from Intel, including the intellectual property related to the manufacture and design of NAND flash wafers, R&D employees, and the Dalian fab workforce upon a final closing expected to happen in March 2025.
For Intel’s six months ended June 27, the NAND businesses represented about $2.8 billion of the revenue for the company’s non-volatile memory solutions group and it contributed about $600 million to non-volatile memory solutions group operating income.
The consideration of the deal consists of a $7 billion initial payment and $2 billion at the final closing.
