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San Francisco, Feb 15 Chip-maker Intel on Tuesday confirmed it is acquiring Israeli contract chip manufacturer Tower Semiconductor for approximately $5.4 billion.The acquisition 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 company said in a statement."This deal will enable Intel to offer a compelling breadth of leading-edge nodes and differentiated specialty technologies on mature nodes - unlocking new opportunities for existing and future customers in an era of unprecedented demand for semiconductors," said Pat Gelsinger, Intel CEO.As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand for semiconductor manufacturing capacity and to become a major provider of US- and Europe-based foundry capacity to serve customers globally.Tower's expertise in specialty technologies, such as radio frequency (RF), power, silicon-germanium (SiGe) and industrial sensors, extensive IP and electronic design automation (EDA) partnerships, and established foundry footprint will provide broad coverage to both Intel and Tower's customers globally.Tower serves high-growth markets such as mobile, automotive and power, and operates a geographically complementary foundry presence with facilities in the US and Asia serving fabless companies as well as IDMs and offers more than 2 million wafer starts per year of capacity - including growth opportunities in Texas, Israel, Italy and Japan."Together with Intel, we will drive new and meaningful growth opportunities and offer even greater value to our customers through a full suite of technology solutions and nodes and a greatly expanded global manufacturing footprint," said Russell Ellwanger, Tower CEO.With the addition of Tower, Intel said it is positioned to bring more value to customers across the nearly $100 billion addressable foundry market."We are building Intel Foundry Services to be a customer-first technology innovator with the broadest range of IP, services and capacity," said Dr Randhir Thakur, president of Intel Foundry Services.The transaction is expected to close in approximately 12 months.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Technology :Intel acquires Israeli chip maker Tower Semiconductor for $5.4 bn

San Francisco, Feb 15 Chip-maker Intel on Tuesday confirmed it is acquiring Israeli contract chip manufacturer Tower Semiconductor ... ...