<p>Intel Corp will walk away from its $5.4 billion deal to acquire Israeli contract chipmaker Tower Semiconductor Ltd once the companies' contract expires later on Tuesday, according to people familiar with the matter.</p>.<p>Intel, which signed the deal to buy Tower in February 2022, did not secure approval from Chinese regulators for the acquisition as required under its contract with Tower, the sources said.</p>.<p>It does not plan to negotiate an extension of the contract, and will instead pay Tower a $353 million break-up fee to walk away, the sources added.</p>.<p>Intel and Tower declined to comment.</p>
<p>Intel Corp will walk away from its $5.4 billion deal to acquire Israeli contract chipmaker Tower Semiconductor Ltd once the companies' contract expires later on Tuesday, according to people familiar with the matter.</p>.<p>Intel, which signed the deal to buy Tower in February 2022, did not secure approval from Chinese regulators for the acquisition as required under its contract with Tower, the sources said.</p>.<p>It does not plan to negotiate an extension of the contract, and will instead pay Tower a $353 million break-up fee to walk away, the sources added.</p>.<p>Intel and Tower declined to comment.</p>