This has been one over a year in the making. In October 2020 we reported that SK hynix Acquiring the Intel NAND Storage Business in a Big Shift. Since that time, it has gone through a number of regulatory reviews, finally getting the go-ahead from China recently. Now, it appears as though the transaction is moving forward.
Intel Sells SSD Business to SK Hynix
For those of you who have been wondering why there are still Intel SSDs, the reason is that this is a multi-billion dollar acquisition and therefore it had to go through a regulatory review in a number of jurisdictions.
Today Intel and SK Hynix announced that they have finally completed the “first closing” of Intel’s NAND and SSD business. In this closing, Intel is “selling its SSD business (including the transfer of certain NAND SSD-associated intellectual properties (IP) and employees) and the Dalian NAND memory manufacturing facility in China to Seoul-based SK Hynix.” (Source: Intel)
The companies say that “Intel 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.” (Source: Intel)
Intel’s SSD business will transfer to the new Solidigm subsidiary of SK hynix. Solidigm, based in San Jose, California will be headed by Rob Crooke as CEO who previously led Intel’s NAND business.
For those wondering what is meant by the first closing and Intel retaining IP, Intel also said “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 US$2 billion.” (Source: Intel) So it appears as though this process will continue for a few more years.
We also get a new company combining the “solid” of solid-state storage with the “igm” of paradigm. Naming companies must be fun these days.