News Article
Mergers & acquisitions
Hynix Semiconductor has completed the sale of its non-memory semiconductor operations to Citigroup Venture Capital for KRW954.3bn ($831.2mn).
Hynix Semiconductor has completed the sale of its non-memory semiconductor operations to Citigroup Venture Capital for KRW954.3bn ($831.2mn). The non-memory division has started business as MagnaChip Semiconductor. The deal includes KRW379.3bn in assumed debt.
The sale is expected to improve Hynix' debt-to-equity ratio, reducing it to 80% from the110% level recorded at the end of June 2004. Hynix aims to focus on its core memory business, which includes DRAM, Flash memory and pseudo SRAM products.
MagnChip has projected sales of $1bn for the full year 2004. The newly founded company is expected to concentrate on products such as CMOS image sensors (CIS), display driver ICs (DDI) and application solution processors (ASP). Profitable foundry markets will be sought through competitive technologies such as MagnaChip's high voltage processes.
