Intel Corp. (INTC) said that it has completed the first closing of the sale of its NAND and SSD business and the Dalian NAND memory manufacturing facility in China to Seoul-based SK hynix. Intel sold its SSD business, including the transfer of certain NAND SSD-associated intellectual properties and employees.
In exchange, SK hynix will pay Intel US$7 billion in consideration. The deal was announced on October 19, 2020.
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 from Intel the remaining NAND business assets, 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.
The SSD business will transition to a newly formed company, Solidigm, a subsidiary of SK hynix. Solidigm will name Robert Crooke as CEO. Crooke was previously senior vice president and general manager of Intel's Non-Volatile Memory Solutions Group. Solidigm will have its headquarters in San Jose, California.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.