Intel and Tower Semiconductor cancel $5.4B merger over regulatory hurdles

Chip giant Intel first announced it was planning to buy the Israeli company for $5.4 billion way back in February last year, a move designed to bolster its own contract chip-making business with enhanced manufacturing capacity and intellectual property, while also giving it a wider global reach.

Indeed, Intel revealed plans to invest $20 billion in two new Arizona factories some two years ago, while also confirming a new offshoot called Intel Foundry Services (IFS) dedicated to manufacturing chips designed by other companies. It indicated a major expansion vertical for the company, one that Intel CEO Pat Gelsinger dubbed “IDM (integrated device manufacturing) 2.0.” This was essentially a multi-pronged approach to building semiconductor chips, spanning Intel’s own network of factories, third-party factories, and building out its fledgling foundry services. 

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