(Tiper Stock Exchange) – intela US giant active in the field of processors, has announced that it has mutually agreed with Tower Semiconductor Of terminate the previously announced agreement to acquire of Tower due to the inability to obtain timely information regulatory approvals required under the merger agreement, dated February 15, 2022.
In accordance with the terms of the agreement, Intel will pay Tower a resolution commission of 353 million dollars.
Purchasing from $5.4 billion of the Israeli company was part of Intel CEO Pat Gelsinger’s plan to enter a rapidly growing part of the semiconductor industry, the foundry market dominated by TSMC.
Intel didn’t explain which regulatory approvals it didn’t come through. According to rumors relaunched by Reuters, Intel has not obtained approval from the Chinese regulatory authorities on time, as required by the contract.