Today, Intel officially announced the termination of a $5.4 billion deal with Tower Semiconductor that was supposed to propel Intel closer to its "goal of becoming the second-largest global external foundry by the end of the decade."

Yesterday, the deadline for completing the deal passed after the tech companies failed to secure timely regulatory approval in China, Intel said in its press release.

China blocks Intel’s $5.4B merger with Tower Semiconductor comes via ChinaTechNews.com.