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Intel's planned purchase of Tower Semiconductor Ltd. has been pushed back by another quarter, as a regulatory decision has not been made by China's State Administration for Market Regulation (SAMR). Intel announced the $5.4 billion deal in mid-February 2022, and set an estimated 12-month window for its completion. It is now one month overdue, with the first quarter of the financial year set to end next week. Intel is hopeful that it will get full regulatory approval by June 2023.
In light of SAMR not budging since the suspending of its review of the Intel-Tower merger, Intel Israel has issued a response this week: ""While we continue to work to close the Tower transaction within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions."
Intel appointed Stuart Pann as senior vice president and general manager of Intel Foundry Services (IPS) earlier this week. It has been speculated that company's original plan would have been to place a Tower Semiconductor executive in the that leadership role, but the prospect of a delayed merger caused a change of course and Intel decided to promote from within their own ranks.
View at TechPowerUp Main Site | Source
In light of SAMR not budging since the suspending of its review of the Intel-Tower merger, Intel Israel has issued a response this week: ""While we continue to work to close the Tower transaction within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions."
Intel appointed Stuart Pann as senior vice president and general manager of Intel Foundry Services (IPS) earlier this week. It has been speculated that company's original plan would have been to place a Tower Semiconductor executive in the that leadership role, but the prospect of a delayed merger caused a change of course and Intel decided to promote from within their own ranks.
View at TechPowerUp Main Site | Source
