First Phase Complete of Intel’s $9B NAND-SSD Divestiture

Intel completed the “first closing” of the divestiture of its NAND and solid-state-drive business, selling its SSD holdings and its NAND factory in Dalian, China, to South Korea’s SK hynix for $7 billion, Intel said Wednesday. Intel will continue manufacturing NAND wafers at Dalian and hold on to certain related intellectual property until the “final closing” of the transaction around March 2025, when SK hynix buys the rest of Intel’s NAND business for $2 billion. The SSD business will transition to a newly formed SK hynix subsidiary, Solidigm, based in San Jose.