SK hynix announced Wednesday that it received clearance from Chinese authorities to acquire a memory-chip unit of U.S. tech giant Intel. 

According to market observers, China’s State Administration for Market Regulation(SAMR) granted the green light for the South Korean chip maker’s acquisition of Intel's solid state drive(SSD) business and NAND memory chip product and wafer business.

The Chinese agency, however, stipulated a number of conditions, including restricting SK hynix from selling high-speed expansion SSDs and serial AT attachment SSDs in China at unreasonable prices.

With the go-ahead from Beijing, SK hynix has secured all required merger approvals in eight jurisdictions from relevant regulators. 

The company will now take steps to close the nine-billion-dollar deal with the goal of completing the acquisition by 2025. 

The South Korean chipmaker said it welcomes the Chinese authorities’ approval and vowed to smoothly meet all conditions to close the deal, aiming to boost its competitiveness in the NAND and SSD businesses.