Intel to buy Tower Semiconductor for $5.4 billion

Intel has agreed to buy Tower Semiconductor for $5.4 billion, the company announced Tuesday, as it seeks to meet rampant demand for computer chips. Intel shares were up more than 1% early trading. Tower Semiconductor rose more than 40%. The deal will give Intel a stronger foothold in specialty technologies in which Tower works, like radio frequency and industrial sensors. Intel also said Tower’s existing production facilities are “geographically complementary,” with a presence in the U.S. and Asia.  And it’s a continuation of Intel CEO Pat Gelsinger’s strategy of making massive investments to boost production.

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