For anyone doubting Intel Corp.’s ambitions to make chips for others, the company’s acquisition of Tower Semiconductor should lay their doubts to rest.
The deal reported by The Wall Street Journal late Monday and announced by the two companies Tuesday carries an enterprise value of $5.4 billion and thus ranks as Intel’s fourth largest deal ever, behind the acquisitions of Altera, Mobileye and McAfee . But it exceeds the first two in terms of premium paid; the $53 a share in cash offered for Tower is 60% above the stock’s last closing price, compared with the 34% premium offered for Mobileye in 2017.
