As we reported last week SK hynix obtained permission from the Chinese antitrust authority to take over Intel’s NAND flash and solid-state storage division. Yesterday, the South Korean manufacturer announced the completion of the first phase of the acquisition of the said division.
With the $ 7 billion payment, SK hynix took over Intel’s solid state drive business and NAND flash factory in Dalian, China.
In the second phase of the transaction, SK hynix will acquire from Intel the remaining assets associated with the said business, including intellectual property related to the design and manufacture of NAND wafers, NAND R&D staff, Dalian plant personnel and other related tangible and intangible assets. The closure of the second phase is expected to occur in March 2025 or after that date. At the same time, another $ 2 billion will be paid, which will be the end of the entire transaction.
The acquired SSD business will be managed by SK hynix’s newly formed US subsidiary Solidigm. Its headquarters will be in San Jose, California.