Intel sells off its SSD and memory business to SK Hynix in drawn-out $9bn deal | PC Gamer

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35 day(s) ago in category Gaming

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Intel has agreed to sell its memory and storage business to SK Hynix for $9bn, or 10.3tr KRW. Intel's memory business includes all of its solid-state drives, NAND flash, and even a fab in northeastern China, which will all be transferred to the South Korean memory giant in stages through to 2025.The deal was announced on Intel's newsroom early this morning for us Brits, and outlines what will be shifting over to the NAND manufacturer over the course of the next few years. Intel's NAND SSD business, including related employees and IP; the NAND fabrication facility in Dalian, China will be the first transferred over, in return for a $7bn payment, expected in 2021 following approval. Following that, IP related to the design and manufacturing of NAND flash wafers, R&D employees and the Dalian fab workforce will be transferred on receipt of the final $2bn in 2025. It sure sounds like the Dalian fab workforce is collateral for the deal.Intel retains the wafer manufacturing capability of the fab until the closing of the deal in 2025. So while SK Hynix will serve up a significant sum, it will not receive the business in whole until 2025. Intel also keeps hold of its Optane business, that which it mostly sold off to US memory manufacturer Micron in 2019.Intel's NAND business in total represented $2.8bn in revenue for Intel, and contributed $600m in operating income over the past six months. SK Hynix is hopeful of at least $1.2bn in revenue yearly from the purchase—once the deal is complete, it's still got some time to go until then.The deal appears to be one by SK Hynix to gain traction against world memory manufacturing leader, Samsung. As such, it feels like this deal plays into Intel's hands a little more than it does the Korean memory manufacturer.SK Hynix is down 1.73% in response to the deal, but is slowly creeping back to its previous share price of 86,000-87,000 KRW."I am proud of the NAND memory business we have built and believe this combination with SK Hynix will grow the memory ecosystem for the benefit of customers, partners and employees," Bob Swan, Intel CEO, says. "For Intel, this transaction will allow us to further prioritize our investments in differentiated technology where we can play a bigger role in the success of our customers and deliver attractive returns to our stockholders.”

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