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SK Telecom buys 21% share in Hynix
15 February 2012
SK Holdings’ chairman Chey Tae-won to be co-CEO of Hynix Semiconductor after share deal
South Korean operator SK Telecom has completed its buyout of a
21.05% share in Hynix Semiconductor for $3 billion.
Under the deal, signed three months ago, SK Telecom paid nearly
$20.40 a share — less than the present share price.
Ha Sung-min, SK Telecom’s chief executive, said in
a statement to Yonhap news agency: "We plan to develop Hynix
into a new growth engine and to boost business synergy between
the chipmaking and telecommunications business."
Chey Tae-won, the chairman of SK Holdings, SK
Telecom’s parent firm, will be co-CEO of Hynix
with the present CEO Kwon Oh-chul. He will also become a
chairman. SK Group said it intends to invest at least $3.7
billion into chipmaker.
Hynix Semiconductor said: "Chey’s appointment will
help beef up corporate competitiveness as it will be possible
to execute investment at a proper timing under his leadership."
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