TSEM - Intel CEO hopes to get China approval shortly for Tower Semi deal - report

2023-04-27 18:05:47 ET

Intel CEO Pat Gelsinger said recent meetings in China were positive in regards to the company's planned $5.4 billion purchase of Tower Semiconductor ( NASDAQ: TSEM ).

"We left with a fairly positive perspective, but we still have work to do to get it done," Gelsinger told the WSJ in an interview on Thursday. "We're working with the regulatory authorities there to hopefully complete that shortly."

The comments come as Tower Semi ( TSEM ) rose 3.2% on Thursday amid a report that China's antitrust regulator is expected to make a decision on the transaction in the coming weeks after Gelsinger's recent visit may have helped with remedy talks.

Tower Semiconductor gained 3.7% on April 11 after the Intel ( INTC ) met with a Chinese official to discuss the state of the industry. China's Ministry of Commerce said Minister Wang Wentao talked with Intel CEO about security and the stability of chip supply at the time.

Intel after the close Thursday reported Q1 results that beat expectations and offered second-quarter guidance that suggested the downturn in PCs was near an end.

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