Semiconductor giant Intel (INTC) – Get Report is reportedly close to a deal to sell a memory-chip unit to South Korea’s SK Hynix for about $10 billion.
The companies are discussing a deal that could be unveiled as soon as Monday, The Wall Street Journal reported, citing people familiar with the matter.
The transaction’s specific details, including exactly what SK Hynix would be acquiring, could not be learned, the paper said.
Shares of the Santa Clara, Calif., company at last check were up 1.7% to $55.08.
The Intel unit makes NAND flash-memory products primarily used in devices such as hard drives, thumb drives and cameras.
Intel has been weighing getting out of the business for some time, driven by sagging prices for flash memory, the Journal reported.
Intel is scheduled to report its third-quarter earnings Thursday afternoon.
The market for memory chips slumped in 2018 amid an oversupply