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Update 11:32am: Adds Intel comment.
Tower Semiconductor (NASDAQ:TSEM) rose 1.5% as traders circulated a report that Intel (NASDAQ:INTC) expects its planned purchase of the company to close in the first half of the year.
While Intel (INTC) continues to work on closing the Tower Semi (TSEM) deal in the first quarter, it’s possible it will be completed in the first half, according to a report in Israel’s BizPortal, which cited comments Intel made in a statement (Google translated).
“While we continue to work to close the Tower transaction within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions,” Intel said in an emailed statement to Bloomberg on Wednesday.
When Intel (INTC) originally announced its $5.4 billion, or $53 a share, purchase of Tower Semi (TSEM) in mid February of last year it said it expected to complete the deal in about 12 months. Intel (INTC) reiterated in Q3 earnings call in late October that it expected the the Tower (TSEM) deal to be completed in Q1.
Dealreporter in late January said that that the deal parties in TSEM/INTC had responded to the China antitrust regulator’s questions, though it’s not known if the clock had resumed or the parties planned a pull and refile. The publication reported earlier in January that the regulator had suspended the clock in its review of the deal.
On Tuesday Intel (INTC) announced several management changes on , including Stuart Pann, who will head up the company’s foundry business.
