Intel starts sale of memory business to SK Hynix
Intel said the SSD business will be operated a wholly owned subsidiary of SK Hynix called Solidigm, headquartered in San Jose, California.
The $9 billion deal was announced in October 2020 (see Intel sells NAND memory business to SK Hynix) and was awaiting regulatory approvals.
At this first closing Intel has transferred its SSD business and certain flash-based SSD intellectual property and employees and the NAND memory manufacturing facility in Dalian, China to SK Hynix (Seoul, South Korea) for $7 billion.
Intel’s 3D-XPoint phase-change memory and Optane memories and SSDs were excluded from the deal and Intel its transferring these into its data center business unit.
Intel said it will continue to manufacture NAND wafers at SK Hynix’s Dalian memory manufacturing facility and retain certain IP related to the manufacture and design of NAND flash wafers until the final closing of the transaction.
The final closing is expected to occur in or after March 2025, when SK Hynix will acquire the remaining NAND business assets from Intel, including certain IP related to the manufacture and design of NAND flash wafers, R&D employees and the Dalian fab workforce, for US$2 billion.
Robert Crooke, previously senior vice president and general manager of Intel’s Non-Volatile Memory Solutions Group, will become CEO of Solidigm.
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