Intel has completed the first closing of the US$7 billion sale of its NAND and SSD business to SK hynix.
The deal includes the Dalian NAND memory manufacturing facility in China and the transfer of certain NAND SSD-associated intellectual properties (IP) and employees.
Intel will continue to make NAND wafers at the Dalian facility and retain certain IP related to the manufacture and design of NAND flash wafers until the final closing of the transaction, expected to be in or after March 2025. SK hynix will then 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 become a SK hynix subsidiary called Solidigm, whose name reflects a new paradigm in solid-state storage. It will be helmed by CEO Robert B Crooke and headquartered in San Jose, California.