TELETRADER News
2/15, 10:42 AM (Source: TeleTrader)
more TeleTrader news

Intel to take over Tower Semiconductor for $5.4B

Intel Corporation announced on Tuesday that it has reached a final deal with Tower Semiconductor as part of which it will be acquiring the company for $53 per share in cash, amounting to a total value of $5.4 billion.

The acquisition was carried out in the context of Intel's IDM 2.0 strategy, by which the company strives to meet the growing global demand for semiconductor manufacturing capacity and became a major provider of foundry services in the United States and Europe.

"Tower’s specialty technology portfolio, geographic reach, deep customer relationships and services-first operations will help scale Intel’s foundry services and advance our goal of becoming a major provider of foundry capacity globally," said Pat Gelsinger, Intel CEO.

Baha Breaking News (BBN) / SP