Hynix Semiconductor will sell its non-memory chip business to Citigroup for about $822 million.

A year in the making, the sale was orchestrated by the company's creditors, which control the company, and is expected to provide Hynix with an important source of cash to expand its memory business, according to an Associated Press report.

The business sold includes chips for flat panel displays and camera-equipped mobile phones and accounted for about 18 percent of the company's Q1 sales.

After a string of losses, rising chip prices helped Hynix return to a profit in Q1.

By: DocMemory
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