Intel: sells SSD and NAND businesses to SK Hynix
(CercleFinance.com) - Intel Corporation today announced that it has completed the first part of the sale of its flash memory business, the NAND and SSD businesses, to Seoul, South Korea-based SK Hynix for 7 billion dollars.
Until the final closing of the deal, however, Intel will continue to manufacture NAND wafers at its manufacturing facility in Dalian, China, which will be sold to SK hynix, and will also temporarily retain intellectual property related to the design and manufacture of flash wafers.
The deal is expected to close in March 2025, when SK hynix will buy the remaining NAND business assets from Intel for 2 billion dollars.
Intel says it intends to invest the proceeds of the transaction to deliver cutting-edge products and advance its long-term growth priorities.
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