Intel on Wednesday terminated its acquisition of Israeli chipmaker Tower Semiconductor, saying it failed to secure the required regulatory approval. Intel will pay a termination fee of $353 million to Tower. Intel announced intentions to buy Tower — a contract chipmaker that manufactures semiconductors for other companies — in February 2022 for $5.4 billion. Tower Semiconductor's Israel-listed shares were down 8% around 4:18 a.m. Reuters, citing people familiar with the matter, reported Tuesday that Intel did not secure approval for the deal from the Chinese authorities before a crucial deadline passed.

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Organizations: Intel, Semiconductor, Reuters Locations: Semiconductor's Israel