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(Bloomberg) — 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 U.S. chipmaker to concentrate on its main business while shoring up the Asian company’s position in a booming market.
SK Hynix Inc. 32GB Double-Data-Rate (DDR) 4 memory modules are arranged for a photograph at the company’s office in Seongnam, South Korea, on Monday, July 22, 2019. SK Hynix is scheduled to release earnings figures on July 25.
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
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Semiconductor giant Intel (INTC) – Get Report is reportedly close to a deal to sell a memory-chip unit to South Korea’s SK Hynix for about $10 billion.
The companies are discussing a deal that could be unveiled as soon as Monday, The Wall Street Journal reported, citing people familiar with the matter.
The transaction’s specific details, including exactly what SK Hynix would be acquiring, could not be learned, the paper said.
Shares of the Santa Clara, Calif., company at last check were up 1.7% to $55.08.
The Intel unit makes NAND flash-memory products primarily used in devices such as hard drives, thumb drives and cameras.
Intel has been weighing getting out of the business for some time, driven by sagging prices for flash memory, the Journal reported.
Intel is scheduled to report its third-quarter earnings Thursday afternoon.
The market for memory chips slumped in 2018 amid an oversupply
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© Pedro Fiúza/NurPhoto via Getty Images
Oculus and Anduril Founder Palmer Luckey speaks during the Web Summit 2018 in Lisbon, Portugal on November 8, 2018. Pedro Fiúza/NurPhoto via Getty Images
Palmer Luckey, the Oculus VR cofounder who was ousted from Facebook amid controversy after selling his company to the tech giant for $2 billion, is offering a $5,000 bounty to anyone who can hack Oculus’ new Quest 2 virtual-reality headset.
“I’m still offering $5000 for a Quest 2 jailbreak! Jailbreakers, dm me. Let’s break free of FB’s anti-competitive, anti-privacy ecosystem!” Mozilla VR engineer Robert Long tweeted Friday.
“I will match this, who else is in?” Luckey replied.
Facebook did not respond to a request for comment on this story.
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GTT Communications (GTT) – Get Report shares jumped Friday after the telecom carrier said it agreed to sell its fiber and data center infrastructure division to private equity firm I Squared Capital for up to $2.15 billion.
GTT is shifting its focus to cloud networking services.
Its shares at last check jumped to $5.39, up 7.6%. They have dropped 50% year to date amid stiff competition in the telecom industry.
The $2.15 billion sale price includes a cash payment of $2.02 billion at closing and total deferred payments of up to $130 million based on certain financial results.
“The divestment of the highly differentiated infrastructure division assets will ensure greater focus on network investment and development of high-speed infrastructure services under the more specialized ownership of this experienced investor,” GTT’s chief revenue officer and interim CEO, Ernie Ortega, said in a statement.
“The deal enables GTT to reinforce