Intel agrees to sell storage unit to SK Hynix for $9 billion

Intel Corp agreed to sell its Nand memory unit to South Korea’s SK Hynix Inc for about $9 billion, a deal that allows the US chipmaker to concentrate on its main business while shoring up the Asian company’s position in a booming market.

The chipmaker will pay 10.3 trillion won for the Intel unit, which makes flash memory components for computers and other devices. The acquisition, which will take place in stages through 2025, includes Intel’s solid-state drive, Nand flash and wafer businesses, as well as a production facility in the northeastern Chinese city of Dalian.

The deal should shore up Hynix’s position in a business that’s boomed after Covid-19 drove demand for the chips used in everything from Apple Inc’s iPhones to data centers.