Tower Semiconductor, Intel to terminate merger agreement

Tower Semiconductor (TSEM) announced it has mutually agreed with Intel (INTC) to terminate their previously announced merger agreement entered into in February 2022. After careful consideration and thorough discussions and having received no indications regarding certain required regulatory approval, both parties have agreed to terminate their merger agreement having passed the August 15 outside date. Pursuant to the terms of the merger agreement, and in connection with this termination, Intel will pay to Tower a reverse termination fee equal to $353M.