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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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