Intel Abandons $5.4 Billion Deal After China Withholds Approval

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Intel had hoped Tower purchase would facilitate move into foundry business

(Bloomberg) — Intel Corp. walked away from its attempt to acquire Tower Semiconductor Ltd., abandoning a $5.4 billion deal after failing to win Chinese regulatory approval in time.

Intel mutually agreed with Tower to terminate the Feb. 2022 agreement, it said in a statement Wednesday. The Israeli firm confirmed the deal was scrapped. The two companies were expected to call off the deal after failing to get Chinese approval, Bloomberg News reported earlier.