SAN FRANCISCOSouth Korean financial services firm KTB Securities Co. Ltd. is in negotiations to invest in MagnaChip Semiconductor Ltd., the logic spin-off of Hynix Semiconductor Inc., according to a report out of South Korea that was confirmed by a MagnaChip executive Friday (April 3).
The report, which originated in South Korean publication Money Today, says MagnaChip and KTB signed a memorandum of understanding earlier this week and are negotiating terms of a definitive agreement.
Money Today quoted a representative from MagnaChip saying the company was trying to attract investment but declining to disclose details around the size of the funding the company is seeking. It is not known whether KTB would be a sole investor.
MagnaChip, which spun out from Hynix in 2004, was scheduled to go public in the U.S. last year but pulled its IPO due to poor investment climate.