Intel expands in specialty chipmaking with $5.4 billion deal for Israel’s Tower

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Reuters

By Steven Scheer JERUSALEM (Reuters) -Intel Corp is buying Israeli chipmaker Tower Semiconductor for $5.4 billion, the companies said on Tuesday, giving it access to more specialised production and making it better positioned to take advantage of soaring demand for semiconductors. Intel is paying $53 per share for Tower – which specialises in analogue chips used in cars, medical sensors and power management – well above a closing price of $33.13 on the Nasdaq on Monday. After a delayed opening, Tower’s Tel Aviv-listed shares were 40% higher on Tuesday. They had surged 48% in after-hours tradin…

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