Intel plans to acquire Israeli chip company Tower Semiconductor for around $5.4B, or $53 per share; the deal is expected to close in 12 months (Ian King/Bloomberg)

Ian King / Bloomberg:
Intel plans to acquire Israeli chip company Tower Semiconductor for around $5.4B, or $53 per share; the deal is expected to close in 12 months  —  Intel Corp. agreed to acquire Tower Semiconductor Ltd. for about $5.4 billion, part of Chief Executive Officer Pat Gelsinger’s push into the outsourced chip-manufacturing business.