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Intel’s sale of its NAND and SSD business to SK hynix is complete. The companies closed the deal in two stages: the SSD business and assets at the Dalian, China, facility transferred in December 2021, and Intel’s remaining NAND technology and manufacturing business transferred on March 27, 2025. The SSD business became Solidigm. Intel retained Optane, which was not part of the transaction.
What Intel sold to SK hynix
Announced on October 19, 2020, the proposed US$9 billion transaction covered Intel’s NAND solid-state drive (SSD) business, NAND component and wafer businesses, and assets at Intel’s Dalian NAND memory manufacturing facility in China. Intel’s separate Optane business was excluded. Intel’s announcement described the planned scope and terms.
The transaction did not transfer every asset at once. Its two closings separated the SSD business and Dalian facility assets from the remaining NAND technology and manufacturing business.
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| Date | What happened | Payment or arrangement |
|---|---|---|
| December 29, 2021 | The first closing transferred the SSD business, certain SSD-related intellectual property and employees, and Dalian facility assets to SK hynix. | Intel announced stated consideration of US$7 billion for the first phase. Intel continued making NAND wafers at Dalian temporarily under an arrangement pending the final closing. |
| March 27, 2025 | The second closing transferred Intel’s remaining NAND memory technology and manufacturing business to SK hynix. | Intel reported approximately US$1.9 billion received net of certain adjustments. The NAND wafer manufacturing and sale agreement ended in connection with this closing. |
Intel’s first-closing announcement describes the initial transfer and interim manufacturing arrangement. Intel’s March 2025 SEC filing records the final closing, net proceeds, and termination of the wafer agreement.
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What happened to Intel’s SSD business?
The acquired SSD business transitioned to Solidigm, an SK hynix subsidiary. SK hynix said Solidigm would manage product development, manufacturing, and sales for the acquired SSD business. In other words, the Intel SSD operation moved under a new company within SK hynix rather than remaining an Intel business. SK hynix’s first-phase announcement describes Solidigm’s role.
Did SK hynix buy Intel’s Dalian fab?
The first phase transferred Dalian facility assets, but Intel temporarily continued NAND wafer manufacturing there under the parties’ arrangement. The final closing transferred the remaining NAND manufacturing business and ended that arrangement. The available transaction announcements describe the transfer of facility assets and manufacturing operations; they do not establish that every aspect of the physical site or its later operation should be described simply as a standalone fab sale.
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How much did Intel receive?
The companies announced a US$9 billion transaction in 2020, with the agreement allocating US$7 billion to the first closing and US$2 billion to the second, subject to adjustments. At the March 27, 2025 closing, Intel reported approximately US$1.9 billion in net proceeds after certain adjustments—not an exact final payment of US$2 billion. The announced headline value and the reported net proceeds at the second closing are different figures and should not be conflated.
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Why did Intel sell the business?
At the time of the 2020 announcement, Intel said it planned to put the proceeds toward differentiated technology and long-term growth priorities, including artificial intelligence, 5G networking, and the intelligent autonomous edge. That was Intel’s stated rationale for the transaction; it does not by itself demonstrate that the sale caused any later business outcome. Intel’s original announcement also reported that the NAND businesses being sold had generated approximately US$2.8 billion in revenue and US$600 million in operating income for the six months ended June 27, 2020. Those are historical figures for that period, not current results.
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What happens next?
The deal’s next step is no longer pending: both phases have closed. SK hynix now owns the acquired NAND business, while Solidigm is the subsidiary managing the acquired SSD business. Intel’s temporary Dalian NAND wafer manufacturing arrangement ended with the second closing, and Optane remained outside the deal. The cited transaction records establish those ownership and closing facts; they do not establish what effect the sale had on NAND market share, SSD prices, or Intel’s subsequent performance.
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