Intel’s Tower Semiconductor acquisition fails, as China witholds OK

Intel’s planned $5.4 billion acquisition of Israel-based Tower Semiconductor has fallen apart, as China reportedly failed to approve the deal in time to meet a deadline agreed upon by the two companies for the deal to close.

Intel said in a statement late Tuesday said that the two companies mutually agreed to terminate the deal “due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.” The company added that it will pay an agreed-upon termination fee of $353 million to Tower.

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