Intel Corporation (NASDAQ:INTC) shares are trading higher after the company announced it will sell its 10% stake in the IMS Nanofabrication business to TSMC.
What To Know: Intel’s sale to TSMC totals $4.3 billion and is expected to close in the fourth quarter of 2023. The announcement follows Intel’s June agreement to sell an approximately 20% stake in IMS to Bain Capital.
Intel will retain majority ownership of IMS, continuing to operate it as a standalone subsidiary.
Matt Poirier, senior vice president of Corporate Development at Intel, said, “This investment demonstrates the deep industry collaboration IMS is pioneering to advance critical lithography technology for leading-edge nodes, which will benefit the entire semiconductor manufacturing ecosystem.”
Poirier continued, “With enhanced independence, IMS will be well positioned to address the significant growth opportunity for multi-beam mask writing tools over the next decade and beyond.”
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INTC Price Action: Shares of INTC were up 1.53% at $39.18 at the time of publication, according to Benzinga Pro.
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