Huge deal: Intel acquires a chip company from Migdal Haemek for $ 5.4 billion

The chip giant has announced that it is acquiring the Israeli tower semiconductor.

CEO: I could not be more proud of the company and our talented and dedicated employees "

Yinon Ben Shoshan

15/02/2022

Tuesday, 15 February 2022, 11:32 Updated: 11:53

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Tower Headquarters in Migdal HaEmek (Photo: Creative Commons)

Technology giant Intel is making another deal in Israel:

The company announced this morning (Tuesday) that it is acquiring the chipmaker from Tower Tower Semiconductor for about $ 5.4 billion.

This is Intel's biggest deal since acquiring Mobilai in 2017 for $ 15 billion.

"Tower's unique technology offering, global manufacturing capability and strong customer relationships will help expand Intel's foundry services and advance our goal of becoming a major global chip manufacturing provider," said Intel CEO Pat Glasinger.

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Intel (Photo: Intel)

The acquisition, according to the company, significantly advances Intel's IDM 2.0 strategy as it further expands its production capacity, global footprint and technological offering to meet industry demand.

"With a rich history, Tower has built an incredible array of unique and advanced analog technologies and manufacturing solutions based on deep partnerships with customers, along with global manufacturing capabilities. I could not be more proud of our company and our talented and dedicated employees," said Russell Elwanger, CEO.

"Together with Intel, we will drive new and significant growth opportunities and offer even greater value to our customers through a complete package of technological solutions along with a very broad global footprint.

We look forward to being an integral part of Intel's foundry offering. "

"Together with Intel we will drive new and significant growth opportunities" (Photo: AP)

Tower's expertise in unique analog technologies such as radio frequencies (RF), germanium silicon power (SiGe) converters and industrial sensors, together with extensive IP and electronic design (EDA) automation partnerships, and global manufacturing capability will provide great value to both its customers Of Intel and to Tower's customers around the world.

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