Applied Materials, a provider of material engineering solutions, failed to acquire Kokusai Electric, a company providing high-productivity batch processing systems and services for memory, foundry and logic customers, from KKR, for $3.5bn. “While we are disappointed that the transaction will not be completed, Applied Materials’ future outlook has never been better. Our innovations are accelerating our customers’ roadmaps and we have outstanding opportunities to extend our technology leadership, drive profitable growth and deliver attractive cash returns to shareholders,” Gary Dickerson, Applied Materials President and CEO. On January 4, 2021, Applied Materials announced it raised its bid from $2.2bn to $3.5bn. On March 22, 2021, Applied Materials announced that the offer would be terminated, should it not receive confirmation of timely approval prior to the March 26, 2021 deadline. On March 26, 2021, Applied Materials terminated the deal due to lack of regulatory approval in China. It will pay $154m termination fee to KKR.