Intel announced Wednesday that it has agreed to sell a 20% stake in the company. IMS nanofabricationis an $860 million developer and manufacturer of multi-e-beam photomask writing tools. The move will provide much-needed funding for Intel and allow IMS to deepen cross-industry collaboration.
IMS Nanofabrication develops and builds multi-e-beam tools to synthesize photomasks (reticles). Using multiple electron beams to print photomasks greatly speeds up the process. This is important because photomasks tend to wear away when extreme ultraviolet (EUV) lithography is used. Additionally, the multi-e-beam tool allows Intel to quickly introduce small changes to the pellicle to improve performance or yield. Finally, the use of multi-e-beam tools could be important for the fabrication of photomasks for EUV and ultimately next-generation nodes that rely on high-NA EUV lithography.
Intel first invested in IMS in 2009 and later acquired the company in 2015. After the acquisition, IMS quadrupled its employee base and manufacturing capacity, and also released three generations of its e-beam mask writing product.
Intel this week agreed to sell about 20% of IMS Nanofabrication to Bain Capital in a deal that values IMS at about $4.3 billion. The transaction is expected to close in the third quarter, after which IMS will operate independently, with Dr. Elmer Platzgammer continuing in his role as CEO.
“Advancements in lithography are essential to driving continued progress in the semiconductor industry, and mask writing plays a central role in the industry’s transition to new patterning technologies such as high-NA EUV.” said Matt Poirier, senior vice president of corporate development. at Intel. “Bain Capital’s investment and partnership will bring greater independence to IMS and a strategic perspective to accelerate the next phase of lithography innovation, ultimately benefiting the entire ecosystem.”
Selling a 20% stake in the fab tool company would give Intel about $860 million, which isn’t bad for a company that has been draining money for some time. Selling ownership of fab tool makers, on the other hand, fits Intel’s general strategy. For example, the company once bought a stake in his ASML to help finance the development of EUV wafer fab equipment, then sold the ASML stake.
Controlling key EUV vendors can improve competitiveness, but it also delays the development of industry standards that are essential for mass-manufacturing chips.
The prosperity of the semiconductor manufacturing industry is more important than making short-term profits, which is why Intel isn’t afraid to sell stakes in companies like ASML and IMS to offer some kind of profit to its rivals.
“[Bain Capital] As EUV becomes more prevalent and high-NA EUV moves from development to volume production in the second half of the decade, we share the belief that meaningful opportunities will arise for IMS,” said Platzgammer. It is the world’s largest chip maker using our technology to manufacture current and next generation semiconductor products. “
sauce: intel
