Intel Reportedly Nears Deal To Buy Tower Semiconductor For About $6 Bln

(RTTNews) - Chip giant Intel Corp. (INTC) is nearing a deal to buy Israeli chip company Tower Semiconductor Ltd. (TSEM) for about $6 billion, according to several reports citing people familiar with the matter.

A deal could be announced as soon as this week, assuming the talks don't fall apart, the reports said.

TSEM closed Monday regular trading at $33.13 down $0.67 or 1.98%. But in the after hours trading, the stock gained $15.92 or 48.05%.

Last month, Intel announced plans for an initial investment of more than $20 billion to construct two new leading-edge chip factories in Ohio. Construction of the two Intel processor factories in Licking County, Ohio was expected to begin in late 2022, with production coming online at the end of 2025.