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News   Israel News

Chinese regulator delay kills $5.4 billion 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.”

Aug. 16, 2023
Intel's office in Jerusalem, May 18, 2016. Photo by Yonatan Sindel/Flash90.
Intel’s office in Jerusalem, May 18, 2016. Photo by Yonatan Sindel/Flash90.
( Aug. 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.

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