Intel Corporation (INTC, Financial) has successfully completed the second phase of its strategic transaction with SK hynix Inc., finalizing the sale of its NAND memory technology and manufacturing business. This marks the culmination of a definitive agreement initially announced on October 19, 2020, between the two companies. The second closing, which occurred on March 27, 2025, saw Intel receive approximately $1.9 billion, net of certain adjustments.
The transaction's first phase was completed on December 29, 2021, when SK hynix acquired Intel's NAND memory fabrication facility in Dalian, China, along with certain related equipment and tangible assets, and Intel's NAND solid-state drive business. The recent completion of the second phase signifies Intel's full divestiture of its NAND business to SK hynix.
In conjunction with the second closing, the NAND wafer manufacturing and sale agreement, which was established during the first phase of the transaction, has been terminated. This agreement had previously allowed Intel to manufacture NAND wafers at SK hynix's Dalian memory manufacturing facility.
This strategic move aligns with Intel's broader focus on its core businesses and technological advancements, while SK hynix strengthens its position in the global NAND market. The completion of this transaction is a significant milestone for both companies, reflecting their commitment to strategic growth and innovation in the semiconductor industry.
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