Intel is terminating a $5.4 billion agreement to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid deteriorating US-China relations.
FILE - The Intel logo is displayed on the exterior of Intel headquarters in Santa Clara, Calif., Jan. 12, 2011. Intel Corp. said Wednesday, Aug. 16, 2023, it would terminate a $5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor, after China failed to sign off on the deal amid deteriorating US-China relations. – A $5.
The scuttled deal between the two companies comes amid increasing U.S.-China tensions, particularly as the U.S. has tightened export controls and imposed restrictions aimed at crippling China’s ability to purchase and manufacture advanced chips. Last month, ahead of Treasury Secretary Janet Yellen’s visit to Beijing, China imposed export curbs on two metals used in computer chips and solar cells.
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