Tower Semiconductor shares surged more than 55% in premarket trading.
Intel Corp. is close to a deal to acquire Tower Semiconductor Ltd. for about $5 billion as part of its push into the outsourced chip-manufacturing business, according to a person familiar with negotiations.
The U.S. chipmaker plans to announce the purchase of the Israeli company as early as Tuesday morning, according to the person, who asked not to be identified because the matter is private. The Wall Street Journal previously reported on the deal.
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