Intel mentioned it has closed the primary section of its pact to promote solid-state power (SSD) trade to SK hynix.
Closing yr, on October 20, SK hynix signed a take care of Intel to shop for its SSD trade for $9 billion. The deal comprises Intel’s NAND SSD, part and wafer companies, in conjunction with the corporate’s NAND reminiscence production manufacturing unit in China’s Dalian.
The newly got entity, for which the South Korean chipmaker can pay $7 billion in attention, shall be renamed as Solidigm.
Solidigm shall be headquartered in San Jose, California, and set up product construction, production, and gross sales of the newly got Intel’s SSD trade, the corporate mentioned in a observation.
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Lee Seok-hee, President and Co-CEO of SK hynix, will take over as Solidigm’s new government chairman, whilst Rob Crooke, former Senior Vice President of Intel, has been roped in as CEO of Solidigm.
“Solidigm is poised to be the sector’s subsequent giant semiconductor corporate, which gifts an extraordinary alternative to reinvent the knowledge reminiscence and garage trade,” mentioned Crooke.
“We’re steadfast in our dedication to guide the knowledge trade in some way that may really gas human development.”
The remaining of the second one section is anticipated via March 2025 with the steadiness fee of US $2 billion, the corporate mentioned.
In the second one transaction section, SK hynix will purchase the remainder property from Intel, together with NAND flash wafers, R&D staff for NAND flash wafers, Dalian facility body of workers and different related property.