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SK Hynix to acquire Intel’s NAND unit in largest M&A deal by a Korean company

SK hynix is set to acquire US chipmaker Intel Corporation’s NAND memory unit for A$12.6 billion or ₩10.1 trillion. It will be the largest M&A deal by a Korean company and includes Intel’s NAND business unit, intellectual property related to design and manufacturing and its manufacturing facility in Dalian, China.

NAND flash memory is predominantly used for data storage in a wide range of devices including smartphones and servers. Following the deal, SK Hynix will become the second largest player in the global NAND market. Samsung Electronics is the current market leader.

SK Hynix President and CEO Dr Seok-Hee Lee remarked that “SK Hynix will proactively respond to various needs from customers and optimize our business structure, expanding our innovative portfolio in the NAND flash market segment, which will be comparable with what we achieved in DRAM.” The company controls 30.1% of the global DRAM market.

Regulatory approval for the deal is expected by late 2021.

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The Australia-Korea Business Council is the leading national body committed to strengthening the Australia-Korea economic relationship.