TSEM - Tower Semiconductor gains on report Intel deal expected to close in 1H 2023

2023-03-22 10:08:18 ET

Tower Semiconductor ( NASDAQ: TSEM ) ticked up 1.1% 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, w hich cited comments Intel made in a statement (Google translated).

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.

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