Oct. 20 (UPI) -- South Korea-based SK hynix agreed Tuesday to purchase the Intel NAND memory and storage business for $9 billion.
The deal includes Intel's NAND SSD business, its NAND component and wafer business and its Dalian NAND memory manufacturing plant in China, the company said. Intel will keep its Intel Optane business.
Intel said it will invest the proceeds "in long-term growth priorities."
"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," SK hynix CEO Seok-Hee Lee said in a statement.
"This transaction will allow us to further prioritize our investments in differentiated technology where we can play a bigger role in the success of our customers," Intel CEO Bob Swan said in a statement.
The companies expect the deal to close late next year.