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What SK hynix bought
The transaction covered Intel’s NAND-focused operations rather than all of Intel’s memory technologies. The agreed scope included:
- Intel’s NAND solid-state-drive (SSD) business
- NAND component and wafer operations
- Assets of Intel’s Dalian NAND manufacturing facility in China
- Related NAND design intellectual property
- NAND wafer research-and-development employees
- The Dalian facility workforce and associated tangible and intangible assets
Intel expressly excluded its distinct Optane business. The deal therefore transferred Intel’s NAND storage and manufacturing assets, not Optane products or technology.
How the $9 billion transaction was structured
| Phase | Date | Assets or event | Consideration reported |
|---|---|---|---|
| Agreement announced | October 2020 | Intel and SK hynix announced the planned NAND transaction. | $9.0 billion total cash consideration; the original terms specified $7.0 billion at the first closing and $2.0 billion at the second. |
| First closing | December 29, 2021 | SSD business and Dalian NAND flash manufacturing-facility assets transferred after clearance from China’s State Administration for Market Regulation. | $7.0 billion paid by SK hynix. |
| Second closing | March 27, 2025 | Remaining NAND wafer-manufacturing and related assets transferred; the interim wafer-production arrangement ended. | Intel reported approximately $1.9 billion received, net of certain adjustments. |
The second closing is complete. It should not be described as still pending or as an unadjusted $2 billion payment: Intel’s 2025 filing gives the net amount as approximately $1.9 billion.
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What happened at the first closing in 2021
At the December 29, 2021 closing, SK hynix acquired Intel’s SSD business and the assets of the Dalian NAND flash manufacturing facility. SK hynix said the $7 billion first-phase payment covered that transfer.
The deal was intentionally staged. Intel continued to manufacture and sell NAND wafers made with the Dalian fab assets under an interim arrangement while the remaining assets awaited the second closing and required conditions.
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Why Solidigm appears in the deal
SK hynix created a U.S. subsidiary called Solidigm, headquartered in San Jose, to manage the acquired SSD operation. Solidigm was responsible for product development, manufacturing and sales for that business.
Solidigm’s involvement does not mean Intel continued to own the transferred SSD unit. It was the corporate vehicle SK hynix established to operate the business after the first closing.
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What changed at the second closing in 2025
Intel’s March 27, 2025 filing states that the second closing occurred on that date. Intel received approximately $1.9 billion after certain adjustments, and the NAND wafer manufacturing and sale agreement terminated in connection with the closing.
That termination ended Intel’s interim role as the manufacturer and seller of NAND wafers produced with the Dalian assets. The transaction was therefore fully implemented in two completed stages rather than remaining a 2020 announcement awaiting final transfer.
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- Sequential read/write up to (MB/s): 2300/1000; Random read/write up to (IOPS): 140K/190K
- Dimension: 22mm x 42mm x 2.38mm; Compatibility: all systems with M.2 2242 NVMe PCIe slot
What Intel retained—and what the deal did not cover
- Optane: Intel retained its distinct Optane business.
- Transferred NAND operations: The SSD, NAND component, wafer and Dalian-related assets moved to SK hynix through the two closings.
- Interim manufacturing agreement: Intel’s temporary NAND wafer manufacturing and sales role ended at the second closing.
The figures in context
The $9 billion figure is the announced total purchase price, not a measure of annual sales or profit. Intel separately reported that its NAND businesses contributed approximately $2.8 billion in revenue and $600 million in operating income during the six months ended June 27, 2020. Those are historical six-month figures for Intel’s Non-volatile Memory Solutions Group and should not be read as annual results or as the deal valuation itself.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the companies said when the deal was announced
“I am proud of the NAND memory business we have built and believe this combination with SK hynix will grow the memory ecosystem for the benefit of customers, partners and employees.”
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SK Hynix BC711 128GB PCIe NVMe M.2 2230 Gen 3 x 4 SSD, 0X3K2X, HFM128GD3GX013N, OEM Package
- 【Model】BC711
- 【Digital Storage Capacity】128GB
- 【Hardware Interface】PCI Express
- 【Form Factor】M.2 2230
- 【Compatible Devices】Laptop, Desktop
— Bob Swan, Intel chief executive, October 2020 announcement
“By taking each other’s strengths and technologies, SK hynix will proactively respond to various needs from customers and optimize our business structure, expanding our innovative portfolio in the NAND flash market segment, which will be comparable with what we achieved in DRAM.”
— Seok-Hee Lee, SK hynix chief executive, October 2020 announcement
These were statements of expected strategic benefits made when the transaction was announced; they are not evidence that every projected outcome was achieved.
The short answer
SK hynix bought Intel’s NAND SSD, component and wafer businesses plus the Dalian NAND facility assets for an announced $9 billion. The SSD business moved first in December 2021 and operated under Solidigm; the remaining transfer closed on March 27, 2025, when Intel received approximately $1.9 billion net of adjustments and stopped providing interim NAND wafer manufacturing and sales. Intel kept Optane.
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