$INTC Intel’s $5.4 billion acquisition of $TSEM Tower Semiconductor called off due to lack of Chinese regulatory approval

Surprised there wasn't a post on this? This is pretty big news for the chip sector imho.

https://www.techspot.com/news/99807-intel-54-billion-acquisition-tower-semiconductor-called-off.html

https://www.cnbc.com/2023/08/16/intel-scraps-5point4-billion-acquisition-of-tower-semiconductor.html

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

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• The U.S. chip giant will pay a termination fee of $353 million to Tower.

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