MagnaChip Semiconductor’s headquarters in Cheongju, 140 kilometers south of Seoul. (image: MagnaChip)
SEOUL, March 29 (Korea Bizwire) — South Korean chipmaker Magnachip Semiconductor Corp. has said it will be sold to a Chinese private equity fund for about US$1.4 billion.
Magnachip, listed on the New York Stock Exchange (NYSE), recently announced that it has signed an agreement with Wise Road Capital Ltd. and its partners to sell its entire shares.
“Magnachip’s management team and employees are expected to continue in their roles, and the company will remain based in Cheongju, Seoul and Gumi, South Korea,” the company said.
“The transaction is expected to be seamless for customers and employees across Magnachip’s businesses.”
Magnachip shareholders will receive $29.00 in cash for each share of the company’s common stock they currently hold, according to the chipmaker
The deal is expected to be finalized by the second half of 2021.
In 2004, Magnachip was spun off from Hynix Semiconductor Inc., currently SK hynix Inc., the world’s second-largest maker of DRAM chips.
The company is best known for manufacturing OLED display driver integrated circuits. It was listed on the NYSE in 2011.
(Yonhap)
