After announcing the deal last year, Intel will no longer acquire Tower Semiconductor for $5.4 billion, the company announced in a press release. It was unable to "obtain in a timely manner the regulatory approvals required under the merger agreement" it wrote — specifically in China, according to Bloomberg. Tower produces various types of chips for clients across multiple industries, and Intel made the acquisition to expand its foundry business and better compete with rivals like Taiwanese giant TSMC.