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HomeBusinessIntel Agrees to $6 Billion Deal to Buy Tower Semiconductor

Intel Agrees to $6 Billion Deal to Buy Tower Semiconductor

Intel Corp. agreed to buy Israeli chip company Tower Semiconductor Ltd. for nearly $6 billion, bolstering a plan to make more chips for other companies.

Intel said early Tuesday that it would acquire Tower for $53 a share. That is a 60% premium to Tower’s closing share price of $33.13 on Nasdaq Monday, before The Wall Street Journal reported on the deal.

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