Intel Terminates Plan To Buy Tower Semiconductor

Intel has dropped its planned $5.4 billion acquisition of Israel's Tower Semiconductor. It's a setback to Intel's plans to expand its chip-manufacturing business. From a report: Intel said Wednesday the deal, originally agreed in 2022, had been terminated due to delays in getting regulatory approval. Chinese regulators hadn't approved the deal by Tuesday's deadline. Intel will now have to pay a $353 million termination fee to Tower Semiconductor. However, the more painful consequence could be the blow to Intel's plans to build up its business making chips on contract for others via its Foundry Services unit.

Read more of this story at Slashdot.