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Intel said it plans to invest proceeds from the transaction into advancing long-growth priorities, including technologies related to artificial intelligence and fifth-generation wireless networks. The transaction, if completed, could reportedly make SK Hynix the world's second-largest provider of NAND flash memory chips behind Samsung Electronics, another South Korean chip giant.ĭemand for flash memory has strengthened in recent months due to buying of personal computers and servers as the coronavirus pandemic forces millions to work from home. SK Hynix said the companies expect to get required governmental approvals for the deal by late 2021. Intel said it will keep its 'Optane' business of more advanced memory products, which analysts say are mostly produced in the United States.Īccording to the plan confirmed by the companies on Tuesday, SK Hynix will acquire Intel's NAND memory chip and storage business, including a related manufacturing site in the northeastern Chinese city of Dalian.

Intel has agreed to a $9 billion deal to sell most of its memory business to South Korea's SK Hynix as it moves toward more diverse technologies while shedding a major Chinese factory at a time of deepening trade friction between Washington and Beijing.

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