SK hynix acquired Intel’s NAND memory and storage business for announced consideration of $9 billion. The deal included Intel’s NAND SSD business, NAND components and wafers, and its Dalian NAND manufacturing facility—but not Intel’s separate Optane business. The acquisition closed in two stages, with Intel reporting the final closing on March 27, 2025.
What was included in the $9 billion deal?
The transaction covered Intel’s NAND memory and storage operations: its NAND solid-state drive (SSD) business, NAND component and wafer business, and the Dalian NAND memory manufacturing facility in China. Intel retained its distinct Optane business; the sale was not a transfer of every Intel memory product or operation. Intel’s 2020 announcement explicitly stated that it would retain Optane.
The acquired SSD operation became Solidigm, a standalone U.S. subsidiary under SK hynix. Solidigm’s company materials describe a focus that includes enterprise SSDs. Solidigm’s company overview and product information provide that business context; the acquisition itself was a corporate asset deal, not a consumer SSD recommendation.
How the two closing stages worked
The parties divided the transfer into two phases. The first transferred the SSD business and the Dalian facility. The remaining NAND technology and related assets moved at the final closing. The timing also affected who operated the Dalian site during the transition.
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| Stage | Assets and operating control | Payment terms | Timing |
|---|---|---|---|
| First closing | SK hynix acquired the SSD business and Dalian facility. Intel continued manufacturing and selling NAND wafers from Dalian under an interim agreement. | SK hynix announced a $7 billion payment. | Completed in December 2021. |
| Final closing | The remaining NAND technology and related assets transferred. The interim manufacturing and sales agreement for Dalian ended. | The original announcement described approximately $2 billion remaining. Intel later reported approximately $1.9 billion received, net of certain adjustments. | Intel reported the closing on March 27, 2025. |
The dates and transition details are documented in Intel’s first-closing announcement and its March 27, 2025 SEC filing.
Why the final payment was reported as about $1.9 billion
SK hynix announced total consideration of $9 billion in 2020, with $7 billion paid at the first closing and approximately $2 billion expected at the final closing. Intel’s 2025 filing reports that it received approximately $1.9 billion at that second closing, net of certain adjustments. These figures describe the original deal terms and the later net amount received, respectively; they are not conflicting statements of the same payment basis.
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SK hynix also reported that Intel’s NAND businesses within its NSG division generated approximately $2.8 billion in revenue and $600 million in operating income for the six months ended June 27, 2020. Those are historical half-year figures, not annual results or a measure of the acquired business’s current performance. SK hynix’s October 20, 2020 announcement gives the original consideration and historical figures.
What changed during the transition?
The SSD business became Solidigm
The SSD operation transferred in the first phase and became Solidigm, operating as a standalone U.S. subsidiary under SK hynix. Its documented product focus includes enterprise SSDs, distinguishing this part of the transaction from the sale of NAND components, wafers, technology, and manufacturing assets.
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- Country Of Origin: China
Intel temporarily continued NAND wafer operations at Dalian
Although the Dalian facility transferred at the first closing, Intel continued to manufacture and sell NAND wafers from the site under an interim agreement. That arrangement lasted until the final closing and terminated when the remaining assets transferred in March 2025.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Regulatory context in China
SK hynix’s 2025 offering circular says Chinese approval for the first phase included conditions relating to reasonable pricing and supporting third-party entry in China’s SSD market for five years. The circular describes the approval conditions; it does not establish their present status, so they should not be read as confirmation that they remain in force today. SK hynix’s investor-relations filings page provides the offering-circular source.
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