Intel Abandons Plans to Acquire Tower Semiconductor

Intel has terminated its acquisition of Israeli chipmaker Tower Semiconductor due to the inability to obtain the necessary regulatory approvals promptly. The tech giant had announced its intention to acquire Tower Semiconductor, a contract chipmaker specializing in technologies such as radio frequency and industrial sensors, for $5.4 billion in February 2022. However, the deal did not receive approval from Chinese authorities before the deadline, leading to its cancellation. Intel will pay a termination fee of $353 million to Tower Semiconductor due to the failed acquisition. Tower Semiconductor's shares dropped by 8%.