SK completes acquisition of 21% stake in Hynix

News Wireless Korea, Republic of 14 FEB 2012
SK completes acquisition of 21% stake in Hynix
SK Telecom has completed its acquisition of a 21.05 percent stake in chipmaker Hynix for KRW 3.37 trillion. SK paid an average KRW 23,099 per share for Hynix, below the company's market share price, as part of an agreement with Hynix's creditors who control the semiconductor group. The investment is expected to lead to closer integration of chip technologies in SK's development and provide a new growth market for the telecoms operator. Chey Tae-won, the chairman of SKY Telecom's parent company SK Holdings, will become co-CEO of Hynix, alongside current CEO Kwon Oh-chul. Chey will also serve as chairman of the chipmaker, Yonhap news agency reports. Hynix earlier this month reported a net loss of KRW 56 billion for 2011, on sales down 14 percent to KRW 10.4 trillion.

Categories:

Mobile

Companies:

SK Telecom

Regions:

Global

Countries:

Korea, Republic of

Tags:

Semiconductors, Wholesale, M&A buyouts & divestments

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