# Intel and Tower Semiconductor terminate merger agreement

Tower Semiconductor and Intel mutually agreed to terminate their February 2022 merger agreement after failing to obtain required regulatory approvals. Intel will pay Tower a $353 million reverse termination fee.

- Type: Acquisition
- Announced: 2023-08-16
- Where: Israel
- Value: $353.0M
- Status: cancelled
- Products: semiconductor foundry services
- Sectors: [Semiconductors and Industrial Electronics](https://endata.com/sectors/semiconductors-electronics.md)

## Companies

- [Tower Semiconductor](https://endata.com/companies/16113.md) (target)
- [Intel](https://endata.com/companies/21062.md) (acquirer)

## Sources

- [design-reuse.com](https://www.design-reuse.com/news/14617-tower-announces-termination-of-intel-acquisition-agreement/), 2023-08-16: "Tower was very excited to join Intel to enable Pat Gelsinger's vision for Intel's foundry business."
- [moneycontroller.co.uk](https://www.moneycontroller.co.uk/finance-news/tower-semiconductor-ltd/tower-announces-termination-of-intel-acquisition-agreement-form-6-k-1556040), 2023-08-16: "After careful consideration and thorough discussions and having received no indications regarding certain required regulatory approval, both parties have agreed to terminate their merger agreement having passed the August 15, 2023 outside date."
- [computerworld.com](https://www.computerworld.com/article/1633714/intels-tower-semiconductor-acquisition-fails-as-china-withholds-ok.html), 2023-08-16: "Intel said in a statement late Tuesday said that the two companies mutually agreed to terminate the deal 'due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.'"
- [kioncentralcoast.com](https://kioncentralcoast.com/money/cnn-business-consumer/2023/08/16/intel-calls-off-5-4-billion-chip-deal-after-failing-to-get-regulatory-approval/), 2023-08-17: "Intel has pulled out of a major acquisition of an Israeli chipmaker after failing to obtain the required regulatory approval."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.