Intel said the units sold were its NAND SSD business, the NAND component and wafer business, and the Dalian NAND memory manufacturing facility in China.
It said it would retain its Optane memory technology business which is in partnership with Micron Technology which makes the Optane chips under a supply agreement.
The purchase will make SK hynix the second largest in this space, behind South Korean conglomerate Samsung Electronics, overtaking Japan's Kioxia.
“By taking each other’s strengths and technologies, SK hynix will proactively respond to various needs from customers and optimise our business structure, expanding our innovative portfolio in the NAND flash market segment, which will be comparable with what we achieved in DRAM.”
Intel chief executive Bob Swan said: “I am proud of the NAND memory business we have built and believe this combination with SK hynix will grow the memory ecosystem for the benefit of customers, partners and employees.
"For Intel, this transaction will allow us to further prioritise our investments in differentiated technology where we can play a bigger role in the success of our customers and deliver attractive returns to our stockholders.”