South Korea's SK Hynix to buy Intel's NAND business for $9 billion

SK Hynix shares rose as much as 4.8% immediately after the news before reversing gear to fall 1.5%, compared to a flat wider market“For the short-term, the deal would be a financial burden on SK Hynix, which is expected to continue to post losses in its NAND business, dogged by oversupply,” said Park Sung-soon, an analyst at Cape Investment & Securities.

Intel’s factory in Dalian makes chips that compete in the cut-throat commodity memory business where prices cycle through booms and bust that can eat profits. Intel said it intended to invest the proceeds of the transaction to deliver leadership products and advance its long-term growth priorities, including artificial intelligence and 5G networking.

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