Intel Buys Tower Semiconductor for $5.4 Billion, or $53 per Share in Cash

• (PLX AI) - Intel to acquire Tower Semiconductor for $5.4 billion or $53 per share in cash.
• • Says acquisition significantly advances Intel's IDM 2.0 strategy as the company further expands its manufacturing capacity, global footprint and technology portfolio to address unprecedented industry demand
• • The transaction is expected to be immediately accretive to Intel's non-GAAP EPS
• • Intel intends to fund the acquisition with cash from the balance sheet
• • Deal expected to close in approximately 12 months. It has been unanimously approved by Intel's and Tower's boards of directors and is subject to certain regulatory approvals and customary closing conditions, including the approval of Tower's stockholders