Intel Sells its NAND Business to Sk Hynix for Cool $9 Billion

Rumors were floating that Intel is looking for a new suitor of its NAND business which also incoudes SSD and SK Hynix has now officialy announced that it would acquire Intel’s NAND memory and storage business for US $9 billion.

SK Hynix, headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND Flash”), and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. This acquisition will strengthen its core business and enhance its position even further.

SK Hynix will acquire from Intel the NAND SSD business (including NAND SSD-associated IP and employees), as well as the Dalian facility once the proceedings are approved by the regulatory body which is expected to be done in 2021. The final closing is expected to complete by 2025, however, Intel will retain its Optane Business.

As per Seok-Hee Lee, Chief Executive Officer (CEO) of SK Hynix “I am pleased to see SK Hynix and Intel`s NAND division, which have led the NAND flash technology innovation, work to build the new future together, By taking each other`s strengths and technologies, SK Hynix will proactively respond to various needs from customers and optimize our business structure, expanding our innovative portfolio in the NAND flash market segment, which will be comparable with what we achieved in DRAM.”

Intel will continue manufacture NAND devices till the aquision proceddings are not complete.

Source

Abhishek

Abhishek

Abhishek is a Finance Professional and has worked in multiple MNCs. However, he is also an avid tech reader and tinkerer with over 20 years of experience. His passions include 3D animation and drawing Illustrations. His creations can be viewed at www.artstation.com/abhifx

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