Intel Sells SSD Business and Dalian Facility to SK hynix

Intel completed the first closing of the sale of its NAND and SSD business. The semiconductor giant sold its SSD business and the Dalian NAND memory manufacturing facility in China to Seoul-based SK hynix. In exchange, SK hynix will pay Intel US$7 billion in consideration.

Intel will continue to manufacture NAND wafers at the Dalian facility and retain certain intellectual property (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, whose name reflects a new paradigm in solid-state storage, will name Robert B. Crooke as CEO. He 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.