Intel first announced plans to buy Tower Semiconductor in 2022 for $5.4 billion, but is now terminating the deal saying it failed to get regulatory approval.
Intel on Wednesday terminated its acquisition of Israeli chipmaker Tower Semiconductor, saying it failed to secure the required regulatory approval.
The tech giant said in a statement it is scrapping the planned deal „due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.
