CNN Business reported that US chipmaker Intel is selling part of their memory chip business to SK Hynx with $9 billion.

After the deal to acquire Intel’s NAND memory chip business, the Korean Company - SK Hynix might become world’s second biggest flash memory chipmaker. The deal includes associated manufacturing and design patents, as well as Intel’s factory in Dalian, China, the companies said in a statement on last Tuesday.

Intel’s NAND flash memory products are widely used in devices such as smartphones, tablets and hard drives. Thus, it is to be expected that SK Hynix will become the second biggest chipmaker in the flash memory industry in the future.