SK Hynix Completes US Approval for Intel NAND Business Acquisition

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] SK Hynix announced on the 12th that it has received approval from all regulatory reviews by U.S. authorities regarding the acquisition of Intel's NAND business unit.

SK Hynix disclosed through its newsroom that it received an 'approval' notification from the Committee on Foreign Investment in the United States (CFIUS) investment review. SK Hynix underwent reviews from two agencies in the U.S., CFIUS and the Federal Trade Commission (FTC). It passed the antitrust review by the FTC at the end of last year.

With this CFIUS investment approval, SK Hynix has completed all U.S. regulatory review procedures related to the acquisition of Intel's NAND business unit. SK Hynix signed a contract in October last year to acquire Intel's NAND business unit for $9 billion (approximately 10.3 trillion KRW), and since then, antitrust reviews have been conducted in major countries including the U.S. and China.

Once the major countries' reviews are completed by the end of this year, SK Hynix will make an initial payment of $7 billion to Intel and take over the business. The remaining $2 billion will be paid in early 2025 to complete the acquisition of Intel's NAND business unit.

SK Hynix expects that through this acquisition, it will strengthen its global position and capabilities and improve the competitiveness of its NAND flash business, which has been relatively underperforming compared to DRAM.

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