TSEM - Intel CEO says making progress in China's review of Tower Semiconductor deal

2023-04-28 16:57:41 ET

Intel CEO Pat Gelsinger said the semiconductor giant is making "progress" with Chinese regulators as far as its planned $5.4 billion acquisition of Tower Semiconductor ( NASDAQ: TSEM ) after recent meetings in China.

"We raised Tower in every one of those conversations, the importance to us," Gelsinger told CNBC in an interview that aired on Friday. "Obviously there's a lever of geopolitical here, but we are seeing progress here and we are enthused to finish that deal as part of our overall foundry strategy."

"We are working hard to get this done as quickly as possible,"  Gelsinger added.

Gelsinger comments come after the Intel ( NASDAQ: INTC ) CEO on Thursday told the WSJ that he hopes to complete the Tower Semi ( TSEM ) deal "shortly."

"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."

Gelsinger also discussed the Tower Semi ( TSEM ) purchase on the company's earnings conference call on Thursday.

"Finally, as part of my recent trip to China, we continue to work hard to complete the tower acquisition and will update you appropriately," Gelsinger said in prepared remarks on Intel's Q1 earning call.

More on Tower Semi/Intel

• Tower Semiconductor: Great Company, But If The Deal Doesn't Happen, Slightly Expensive
• T ower Semiconductor gains amid report Intel met with China antitrust regulator
• Silicon Motion, Tower Semiconductor fall on report of slowdown in China deal reviews

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