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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.” GTB
Further reading from Global Telecoms Business:
SK Broadband to expand overseas units 09 Jan 2012
SK Telecom gets OK to buy chip firm 28 Dec 2011
SK Telecom applies for spectrum licenses 29 Jul 2011
SK Telecom plans fast roll-out of cloud-based LTE 25 Mar 2011