SK Hynix completed the first phase of the acquiring Intel's NAND flash business unit. SK Hynix has confirmed the name of the new subsidiary that will operate the Intel NAND business as 'Solidigm'.
SK hynix announced on the 30th that it had completed the necessary work to acquire Intel's assets after receiving the Chinese antitrust review approval on the 22nd. The assets handed over to SK Hynix are the solid state drive (SSD) business and the Dalian factory (fab) in China. SK Hynix will pay $7 billion of the total down payment of $9 billion to Intel.
The new U.S. subsidiary that will operate Intel's SSD business is called ‘Solidigm'. The name is combination of Solid-State and Paradigm. SK hynix explained that its name reflects the company’s will to lead a paradigm shift in the memory solution industry based on technological innovation and differentiated customer service.
Solidigm’s headquarter is located in San Jose, California, U.S., and is responsible for product development, production and sales. SK Hynix President Seok-hee Lee will also serve as Solidigm Chairman, and lead the post-acquisition integration process. Intel's Vice President Rob Crooke will be appointed Chief Executive Officer (CEO)
SK hynix will pay the remaining $2 billion in a second payment around March 2025, and receive related tangible and intangible assets such as NAND flash wafer R&D and Dalian fab operation personnel. The acquisition contract will be finalized at this point, and SK Hynix, Solidigm, and Intel have decided to cooperate together until the acquisition agreement is finalized.
SK hynix sees the acquisition as an opportunity to drastically enhance the NAND competitiveness. Among the NAND business areas, SK hynix ‘strength is in mobile products, and Solidigm excels in enterprise SSD (eSSD) capabilities.
SK hynix CEO Jung-ho Park said, “We welcome all Solidigm members who became new members of SK hynix. This acquisition will serve as an opportunity for SK Hynix's NAND business to leap forward to the global top level, and the company to become the global first-class technology company.”
Rob Crooke, Solidigm's new CEO, said, "Solidigm, a new global semiconductor company, has an opportunity to lead innovation in the memory field. We will do our best to help the data industry to contribute in advancing mankind.”
By Staff Reporter Dong-jun Kwon (email@example.com)