Chinese regulator delay kills $5.4b Intel bid for Israeli company

(August 16, 2023 / JNS)

Two months after Intel announced a $25 billion Kiryat Gat factory—the largest ever foreign investment in Israel—Chinese regulators didn’t approve the semiconductor chip manufacturing giant’s $5.4 billion bid to buy Israeli chipmaker Tower Semiconductor.

Beijing’s decision to let a Tuesday deadline pass lead Intel and Tower to agree to scrap the deal. Tower’s stock dropped 11%. Intel will reportedly pay Tower $353 million.

Patrick Gelsinger, CEO of Intel, had traveled to China last month to try to win regulators over, the Associated Press reported.

Republish this article in your newspaper or website

Topics

Israel News
China
Israel-China Relations
Intel
Technology

Chinese regulator delay kills $5.4b Intel bid for Israeli company

The U.S. semiconductor chip giant said the bid to buy Tower Semiconductor was scrapped “due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.”

This New Year - Support JNS

JNS is fighting back against the media bias against Israel – with the context, perspectives, and facts that tell the real story. This New Year, please help us keep fighting.

Stay connected to Israel and the Jewish world

Thank you for reading JNS. Register to receive full access to the JNS website.

STAY CONNECTED TO ISRAEL AND THE JEWISH WORLD

Thank you for reading JNS. Register to receive full access to the JNS website.

Israel and the Jewish World Need You Now

JNS is combating the barrage of disinformation with factual reporting. We need your help to turn the tide and get the truth out about the Jewish people and Israel. Please consider supporting this important work with a contribution for the High Holidays.