The Chinese regulators have green-lit SK Hynix Inc.'s $9 billion acquisition of Intel Corp.'s Nand storage unit, clearing the way for a merger intended to shore up the Asian chipmaker's position in the booming memory market.
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The Antitrust agency said in a statement on its website that the State Administration of Market Regulation has granted approval for the deal. Hynix had earlier secured permission from the U.S. and European watchdog agencies, and China s nod was the final hurdle to the Korean company's largest-ever acquisition. China s watchdogs stipulated a number of conditions, from ensuring Hynix pricing and supplies to helping a third party break into the solid-state storage market.
After Samsung Electronics Co, Hynix hopes to cement its position as the largest producer of Nand memory. Both companies are investing billions in expanding capacity and upgrading technology, and they are betting that a migration to higher-speed networking and connected devices will result in exponential demand growth. Intel gains funds to invest in its faster-growing logic businesses.
Hynix will pay $7 billion in the deal's first phase and the rest by March 2025. The research firm TrendForce believes that it will take over Intel's facility in Dalian, China, boosting its market share of flash memory components to more than 20%. The acquisition will triple its flash-memory revenue over the next five years, Chief Executive Officer Lee Seok-hee said last year.
SK Hynix will improve its competitiveness of NAND Flash and SSD business by continuing the post- merger integration process, the Korean company said in a statement.
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