SK Hynix Secures Chinese Approval for Intel NAND Business Acquisition

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] SK Hynix has obtained approval from Chinese antitrust authorities regarding its acquisition of Intel's NAND flash business division.

According to business circles on the 22nd, SK Hynix announced that it received approval from the State Administration for Market Regulation (SAMR) of China for the acquisition of Intel's NAND business division. Accordingly, the approval process from antitrust authorities in the eight required countries has been preliminarily completed.

An SK Hynix official said, "We sincerely welcome this approval from SAMR," adding, "We will continue to proceed with the remaining processes to strengthen the competitiveness of our NAND and SSD businesses."

Previously, SK Hynix signed a contract in October last year to acquire Intel's NAND business division for $9 billion (approximately 10.3 trillion KRW) and has been undergoing approval procedures in eight countries. After receiving approvals from the United States, South Korea, Taiwan, the United Kingdom, the European Union (EU), Brazil, and Singapore, it had been awaiting approval from China.

Since SK Hynix has obtained approval from the Chinese government within the planned timeframe, it plans to swiftly proceed with the remaining acquisition steps. Initially, it will pay $7 billion to secure the SSD business and assets of the Dalian factory in China, and then pay $2 billion by March 2025 to acquire IP related to NAND wafer design and production, as well as the operational personnel of the Dalian factory.

This content was produced with the assistance of AI translation services.