Europe Approves SK Hynix's $9B Acquisition Of Intel's Nand Storage Unit: Bloomberg - (HXSCL), Intel (NASDAQ:INTC)

Korean chipmaker SK Hynix Inc HXSCL has won the European Commission approval for acquiring Intel Corp’s INTC Nand storage unit, Bloomberg reports.
Last October, SK Hynix inked an agreement to acquire Intel NAND memory and storage business, including the NAND SSD business, the NAND component and wafer business, and the Dalian NAND memory manufacturing facility in China for $9 billion.
U.K. and China are yet to approve the arrangement.
Hynix will pay $7 billion in the first phase and the remaining by March 2025. It is ready to acquire Intel’s Dalian facility in China by 2021 to increase its market share of flash memory components to over 20%.
Samsung Electronics Co Ltd SSNLF led with a Nand market share of 32.9%. Hynix featured next with an 11.6% share. Intel trailed with an 8.6% share.
Hynix aimed to more than triple its flash-memory revenue over five years through the acquisition, CEO Lee Seok-hee said in November.
Price action: INTC shares traded higher by 0.63% at $56.3 on the last check Friday.