RTTNews | Dec 29, 2021 08:18PM EST

20:17 Wednesday, December 29, 2021 (RTTNews.com) - Intel Corp. (INTC) said that it has completed the first closing of the sale of its NAND and SSD business and the Dalian NAND memory manufacturing facility in China to Seoul-based SK hynix. Intel sold its SSD business, including the transfer of certain NAND SSD-associated intellectual properties and employees.

In exchange, SK hynix will pay Intel US$7 billion in consideration. The deal was announced on October 19, 2020.

Intel said it will continue to manufacture NAND wafers at SK hynix's Dalian memory manufacturing facility and retain certain IP related to the manufacture and design of NAND flash wafers until the final closing of the transaction.

The final closing is expected to occur in or after March 2025, when SK hynix will acquire from Intel the remaining NAND business assets, including certain IP related to the manufacture and design of NAND flash wafers, R&D employees and the Dalian fab workforce, for US$2 billion.

The SSD business will transition to a newly formed company, Solidigm, a subsidiary of SK hynix. Solidigm will name Robert Crooke as CEO. Crooke was previously senior vice president and general manager of Intel's Non-Volatile Memory Solutions Group. Solidigm will have its headquarters in San Jose, California.

Read the original article on RTTNews ( https://www.rttnews.com/3251975/intel-completes-its-first-closing-in-sale-of-nand-and-ssd-business-to-sk-hynix.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved