SMIC gets approval for $5.9 billion wafer foundry acquisition

SMIC secured approval from the Shanghai Stock Exchange M&A Review Committee for its RMB 40.601 billion ($5.9 billion) acquisition of a 49% stake in SMIC North. The deal is China's largest domestic wafer foundry M&A. SMIC will own 100% of SMIC North, a 12-inch wafer fabrication subsidiary.