Intel Corp agrees to sell Nand memory unit to SK Hynix for $9 billion

The deal will shore up the Korean corporation's position in a business that's boomed in the wake of Covid-19, which drove online activity and demand for internet computing

Intel Corp. agreed to sell its Nand memory unit to South Korea’s SK Hynix Inc. for about $9 billion, part of a broader effort by the U.S. chipmaker to concentrate on its main business.

The Asian company will pay 10.3 trillion won for the Intel unit, which makes flash memory components for computers and other devices. The acquisition, which will take place in stages through 2025, includes Intel’s solid-state drive, Nand flash and wafer businesses, as well as a production facility in the northeastern Chinese city of Dalian. Hynix’s shares rose as much as 4.8% Tuesday morning.

The deal will shore