Intel has terminated its plans to acquire Israeli chip maker Tower Semiconductor after both companies failed to get timely regulatory approvals from Chinese authorities.

The ending of the $5.4 billion acquisition deal first announced on Feb. 15, 2022, will now force Intel pay a termination fee of $353 million to Tower under the terms of the merger agreement, the tech company said in a statement (pdf) today (Aug.16).

China caused Intel to call off the $5.4 billion Tower deal comes via ChinaTechNews.com.