Intel To Divest About 10% Stake In IMS Nanofabrication Business To TSMC

(RTTNews) - Intel Corp. (INTC) announced Tuesday that it has agreed to sell an approximately 10% stake in the IMS Nanofabrication business to Taiwan Semiconductor Manufacturing Co. Ltd. or TSMC (TSM).

TSMC's investment values IMS at approximately $4.3 billion, consistent with the valuation of the recent stake sale to Bain Capital Special Situations.

Intel will retain majority ownership of IMS, which will continue to operate as a standalone subsidiary under the leadership of CEO Dr. Elmar Platzgummer. The transaction is expected to close in the fourth quarter of 2023.

IMS is the established industry leader in multi-beam mask writing tools required to develop advanced extreme ultraviolet lithography (EUV).

Together, Bain Capital and TSMC's investments provide IMS with increased independence and reinforce confidence in the significant opportunity ahead of IMS. Intel initially invested in IMS in 2009 and ultimately acquired the remaining stakes in 2015. In June 2023, Intel announced an agreement to sell an approximately 20% stake in IMS to Bain Capital.