Intel walks away from acquisition of Israel’s Tower Semiconductor

Deadline for completing $5.4 billion deal was August 15 at midnight in California

Tower Semiconductor: Intel has mutually agreed with Isreali to terminate the February 2022 agreement. Picture: Bloomberg

Intel said it’s walking away from its attempt to acquire Tower Semiconductor, abandoning a $5.4 billion (€4.9 billion) deal after failing to win regulatory approval in time.

Intel Corporation has mutually agreed with Tower Semiconductor to terminate the February 2022 agreement, it said in a statement Wednesday.

The purchase of the Israeli company was the keystone of Intel chief executive Pat Gelsinger’s plan to get into a faster-growing part of the semiconductor industry, the foundry ...