Friday, August 27, 2004
Hynix Semiconductor finally signed a long-drawn-out acquisition agreement for its system IC business unit with System Semiconductor Ltd, a newly founded Korea-based corporation under Citigroup Venture Capital Equity Partners, L.P. and CVC Asia Pacific Ltd.
Hynix's board approved the sale of the system IC division in June this year. Citigroup offered US$820 million, a US$23 million increase from the initially suggested price of US$797million, to purchase the company's non-memory business unit. Hynix's creditors had selected Citigroup Venture Capital as the priority negotiator last year, but canceled the plan in April this year because the corporate value could be increased due to growing demand in the chip market.
The sale of Hynix's system IC division will be completed following necessary procedures such as an extraordinary shareholders' meeting. All hand-over procedures were to be finalized by end of July, the company projected. Once completed, the new company is expected to grow as a system IC specialist company in future.
By: DocMemory
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