SEOUL (Reuters) – South Korea’s SK Hynix Inc said on Thursday it completed the first phase of its acquisition of Intel Corp’s NAND flash memory chip business, after it received regulatory approvals from eight countries including China.

In exchange, SK Hynix will pay $7 billion out of the deal’s total $9 billion price tag, it said in a statement.

(Reporting by Joyce Lee; Editing by Chris Reese)