Baker McKenzie Advises Intel on Landmark $9B NAND Business Sale to SK hynix.
Intel Corporation has officially completed the second and final closing of its $9 billion sale of its NAND memory and solid-state drive (SSD) business to SK hynix Inc., marking the conclusion of a multi-year, multi-phase transaction that significantly reshapes the global memory industry.
Baker McKenzie has served as lead counsel to Intel throughout the transaction, guiding the company through the strategic and legal complexities of one of the most significant cross-border technology deals in recent years.
A Two-Stage Transaction with Global Impact
The transaction was originally signed in October 2020 and structured to proceed in two distinct stages:
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Phase One, completed on December 29, 2021, involved SK hynix’s acquisition of Intel’s NAND SSD business and its NAND fabrication facility in Dalian, China, for $7 billion.
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Phase Two, finalized on March 27, 2025, concluded with a $1.9 billion payment for Intel’s remaining NAND memory technology and manufacturing assets.
This phased approach facilitated regulatory approvals and operational transition while maintaining business continuity across multiple jurisdictions.
Strategic Significance for SK hynix and Intel
Commenting on the completion of the deal, Park Jung-ho, Vice Chairman and Co-CEO of SK hynix, stated:
“A heartfelt welcome to the Solidigm team joining our family. This marks a major turning point for SK hynix’s NAND flash business — one that brings us closer to becoming a top-tier global tech leader.”
For SK hynix, the acquisition enhances its position in the global memory market, expanding its technology portfolio and manufacturing capacity. For Intel, the divestiture is aligned with its broader strategic focus on core businesses including artificial intelligence, advanced chip design, and foundry services.
Legal Team Leadership
Baker McKenzie’s cross-practice, cross-border team was led by partners Kelly Kriebs, Tyler Hilton, and Michael Greaney, with support from:
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Natalie Karl, Joe Moses, Ashley Kim – M&A
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M’Alyssa Mecenas – Employment
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Matthew Schonholz – Employment & Tax
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David Goldman – Tax
SK hynix Inc. is a global semiconductor company headquartered in South Korea, specializing in DRAM, NAND flash memory, SSDs, and CMOS image sensors. With over 46,000 employees worldwide, including more than 7,500 outside Korea, the company plays a key role in the global memory market. In 2023, SK hynix generated 32.77 trillion KRW in revenue.
The company is known for pushing the boundaries of memory technology—recent innovations include the development of 321-layer NAND, the industry’s first 12-layer HBM3, and the fastest mobile DRAM, LPDDR5T. SK hynix follows a Double Bottom Line (DBL) management philosophy, aiming to create both economic and social value through innovation, sustainability, and shared growth.
Baker McKenzie is a leading global law firm founded in 1949, with a presence in over 40 countries. With a team of 13,000 professionals, the firm advises corporations, governments, and institutions on complex legal matters across corporate law, litigation, tax, and more. Renowned for its cross-border capabilities and innovative approach, Baker McKenzie has handled over USD 600 billion in M&A transactions in the past five years—more than 65% of which span multiple jurisdictions. The firm is also recognized for its commitment to diversity, inclusion, and sustainable business practices.
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