Intel Sells SSD business and Dalian facility to SK hynix

Intel Corporation has completed the first closing of the sale of its NAND and SSD business – a deal that includes selling its SSD business and the transfer of certain NAND SSD-associated intellectual properties and employees, and the Dalian NAND memory manufacturing facility in China – to Seoul-based SK hynix. For all this, SK hynix will pay Intel USD 7 billion in consideration. Intel says it will continue to manufacture NAND wafers at SK hynix’s Dalian memory manufacturing facility and retain certain 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 USD 2 billion. The SSD business will transition to a newly formed company, Solidigm, a subsidiary of SK hynix. Solidigm will name Robert B. Crooke as CEO. Crooke 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.