SK Hynix to set up subsidiary in Dalian to assist Intel’s NAND flash memory business

In October last year, memory chip manufacturer SK Hynix announced on its official website that they had signed an agreement with Intel to acquire Intel’s NAND flash memory and storage business for US$9 billion.

The latest foreign media reports show that SK Hynix will set up a wholly-owned subsidiary in Dalian to assist in the acquisition of Intel’s NAND flash memory and storage business.

Foreign media reported that SK Hynix set up a wholly-owned subsidiary in Dalian to assist in the acquisition of Intel’s NAND flash memory and storage business, which may be related to Intel’s NAND flash memory manufacturing plant in Dalian.

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From the news that SK Hynix announced on the official website in October last year, the agreement they signed with Intel includes NAND solid-state drive business, NAND flash memory, and wafer business, Intel’s NAND flash memory manufacturing plant in Dalian, and Intel design and manufacturing. Intel will retain the business of Optane, which has advanced storage technology, for intellectual property rights and R&D personnel related to NAND wafers.

SK Hynix’s acquisition of Intel’s NAND flash memory and storage business needs to be approved by relevant regulatory agencies. They expect to be approved by the end of 2021. The European Union has already approved the transaction.

SK Hynix’s acquisition of Intel’s NAND flash memory and storage business will be carried out in two phases. The acquisition of the Dalian factory is one of the first phases of the acquisition. After the approval of the relevant regulatory agencies, the first phase of the acquisition will be Will proceed, SK Hynix will pay Intel 7 billion U.S. dollars, the second phase of the acquisition is expected to be carried out in March 2025, SK Hynix will then pay the remaining 2 billion U.S. dollars.