Intel sells Nand memory, storage business to SK hynix for USD 9 billion

The acquisition includes the Nand SSD business, the Nand component and wafer business, and the Dalian Nand memory manufacturing facility in China. Intel will however keep its distinct Intel Optane business. The companies hope to close the deal after receiving all of the necessary governmental approvals in late 2021. Under the agreement, SK hynix will first acquire the Nand SSD business (including NAND SSD-associated IP and employees), and the Dalian facility, with a first payment of USD 7 billion. SK hynix will acquire the remaining assets, including IP related to the manufacture and design of Nand flash wafers, R&D employees, and the Dalian fab workforce, upon final closing sometime in March 2025 with the remaining payment of USD 2 billion.