SK Hynix has completed the first phase of the acquisition of Intel's NAND flash business unit.

SK Hynix announced on the 22nd that it had completed the necessary work to acquire assets held by Intel after receiving approval from China's antitrust review committee.

Through this, the assets that SK Hynix will take over include the SSD business and the Dalian Fab in China. SK Hynix will pay Intel $7 billion as the first installment out of the total contract amount of $9 billion.

SK Hynix will make a second payment of the remaining $2 billion around March 2025 and receive related tangible and intangible assets, including NAND flash wafer R&D and Dalian fab operation personnel. The acquisition agreement will be finalized at this time.

SK Hynix has named its newly established U.S. subsidiary, which will operate Intel's SSD business, "Solidigm." The name Solidigm is a portmanteau of "Solid State" and "Paradigm," signifying the company's intention to lead a paradigm shift in the memory solution industry based on technological innovation and differentiated customer service.

Solidigm, headquartered in San Jose, California, acquired Intel's SSD business and oversees product development, production, and sales. SK Hynix President Lee Suk-hee concurrently serves as the company's Executive Chairman, leading the post-acquisition integration process. Rob Crooke, Intel's vice president, is expected to be appointed as CEO.

SK Hynix CEO and Vice Chairman Park Jeong-ho stated, “I welcome all members of Solidigm to the SK Hynix family,” adding, “This acquisition will serve as a stepping stone for SK Hynix’s NAND business to leap to the Global Top Tier, and through this, the company will establish itself as a truly world-class technology enterprise.”

Rob Crooke, the new CEO of Solidigm, stated, “As a newly launched global semiconductor company, Solidigm has been given the opportunity to lead innovation in the memory sector,” adding, “We will do our utmost to ensure that the data industry contributes to the advancement of humanity.”