Intel to drop its $5.4 billion deal to acquire chipmaker Tower Semiconductor Ltd as China delays approval
Intel Corporation has decided to terminate its $5.4 billion acquisition agreement, with Tower Semiconductor, a chipmaker. The reason behind this decision is the failure to obtain approval from China. This development highlights the impact of tensions between the United States and China on business deals. As part of the termination, Intel will pay Tower a breakup fee of $353 million.