Intel's proposed acquisition of Tower Semiconductor has been approved by regulators across the world except in China, which is why the deal has not closed nearly 19 months after its announcement in mid-February of 2022. The deadline for Intel to close the deal after another extension is tomorrow, August 15, 2023, but the two companies cannot close it without approval from China. Meanwhile, it is unclear whether the companies will extend the closure period and refile with other regulators.
When Intel originally announced plans to take over Tower Semiconductor, it said that it would close the transaction in 12 months, by mid-February, 2023. But because China's State Administration for Market Regulation (SAMR) had not approved the deal, the companies extended the acquisition period until mid-June and then extended it again to August 15. So far, SAMR has not formally greenlit the transaction and if it does not OK it by tomorrow, Intel and Tower will either have to extend the closure period one more time, or call the deal off.
