Israel’s Tower Semiconductor, a leading foundry for analog semiconductor solutions, has made a definitive agreement to sell the company to Intel for $53 per share in cash, representing a total enterprise value of approximately $5.4 billion. The companies state that the transaction creates a globally diverse end-to-end foundry to “help meet growing semiconductor demand and brings more value to customers across the nearly $100 billion addressable foundry market.”
Founded in 1993, Tower Semiconductor manufactures analog integrated circuits for more than 300 customers worldwide in growing markets such as consumer, automotive, medical, industrial, and aerospace & defense, among others. The company provides advanced specialty technologies including Radio Frequency (RF), High Performance Analog (HPA), integrated Power Management, CMOS Image Sensors, and Mixed-Signal/CMOS as well as Micro-Electro-Mechanical Systems (MEMS) capabilities.
“Tower’s specialty technology portfolio, geographic reach, deep customer relationships and services-first operations will help scale Intel’s foundry services and advance our goal of becoming a major provider of foundry capacity globally,” said Pat Gelsinger, Intel CEO on the Tower Semiconductor acquisition. “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.”
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“With a rich history, Tower has built an incredible range of specialty analog foundry solutions based upon deep customer partnerships, with worldwide manufacturing capabilities. I could not be prouder of the company and of our talented and dedicated employees,” said Russell Ellwanger, Tower Semiconductor CEO. “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. We look forward to being an integral part of Intel’s foundry offering.”