FroggyFrogg/iStock via Getty Images
Update 11:32 a.m.: Add a comment from Intel.
Tower semiconductors (NASDAQ:TSEM) pink 1.5% while traders circulated a report that Intel (NASDAQ:INTC) expects its planned purchase of the company to close in the first half of the year.
While Intel (INTC) continues to work on the closure of the Semi Tower (TSEM) deal in the first quarter, may be completed in the first half, according to a report in Israel’s BizPortal, which cited comments Intel made in a statement (translated by Google).
“While we continue to work to close the Tower transaction within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions,” Intel said in an emailed statement. to Bloomberg on Wednesday. .
When Intel (INTC) originally announced its purchase of Tower Semi (TSEM) for $5.4 billion, or $53 per share, in mid-February last year, it said it expected to complete the deal in about 12 months. Intel (INTC) reiterated in the third-quarter earnings call at the end of October that it expected the Tower (TSEM) deal to be completed in the first quarter.
Dealreporter said in late January that the parties to the deal at TSEM/INTC had responded to questions from China’s antitrust watchdog, though it is not known whether the clock had resumed or whether the parties planned to withdraw and refile. The publication reported in early January that the regulator had suspended the clock on its review of the deal.
On Tuesday, Intel (INTC) announced several management changes, including Stuart Pann, who will head the company’s foundry business.