Fangda Partners assisted SK hynix Inc. in its acquisition of the NAND and SSD business from Intel Corporation with a total transaction consideration of US$9 billion. The transaction consideration for the first closing was US$7 billion. The key parts of this deal included, among others, acquisition of Intel’s NAND flash manufacturing facility in Dalian and taking over of relevant employees in China. The transaction was signed and announced on October 20, 2020 and the first closing was completed on December 30, 2021 and the second closing is expected to commence in 2025. The Fangda team was led by partners Michael Han, Jiang Xiao, Christine Peng, Bo Zhou and Yan Zhao and included Counsels Bivio Yu and Linlin Cao, Associates Mao Yizhu, Meng Yi, Jenny Chen, Nan Zheng, Jasmine Zhu, Heidi Hang, Yuming Yu, Xuerong Bai, Yuting Ma and Ethan Chow. Fangda provided PRC legal services in full aspects covering legal due diligence with respects to Intel’s NAND flash manufacturing facility in Dalian, legal documentation, PRC merger control filing of the transaction and other PRC matters and supporting the smooth signing and closing of this transaction. SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier. Intel Corporation is a global leader in the semiconductor industry.