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SK Hynix's Intel NAND chip deal wins US regulatory approval

Mar 12, 2021 (Gmt+09:00)

SK Hynix's Intel NAND chip deal wins US regulatory approval

The US antitrust regulators have approved of SK Hynix Inc.'s $9 billion acquisition of Intel Corp.'s NAND memory chip business, also under review by its other major export markets. 

On Mar. 12, the Committee on Foreign Investment in the United States (CFIUS) gave its nod to the all-cash deal, after the Federal Trade Commission of the US cleared the acquisition late last year.

Last October, SK Hynix signed on the 10.3 trillion won ($9 billion) purchase of Intel's NAND memory chip operation, which will propel the South Korean chipmaker to second place in the sector’s global rankings.

Noh Jong-won, the Korean chipmaker's senior vice president and head of corporate strategy and planning, said on Friday the company will cooperate closely with other governments to proceed with the acquisition. 

SK Hynix expects all antitrust reviews relating to the deal will be completed by year's end. Then it will make its first payment of $7 billion to Intel and close the purchase by 2025.  

The acquisition, if completed, will be the largest ever by a Korean company.

By Hyung-Suk Song

Yeonhee Kim edited this article.

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