SEOUL, South Korea -- Citigroup has offered 520 billion won (about US$430 million) to buy non-memory operations from Hynix Semiconductor Inc., according to a Reuters report which cites an un-named source close to the talks.
This is lower than the $600 million mentioned as the deal value in a report earlier in the week, although it is not known what operations may have been cut in or out of the deal.
Hynix, a major DRAM maker that built up massive debts before negotiating to convert them into equity for its creditors, has been in talks with a venture capital fund run by Citigroup for some time.
Hynix wants to sell its non-memory operations to raise cash for re-investment in memory operations, the report said.
"The fund made a 520 billion offer and also requested that Hynix creditors take on 200 billion won in loans the operations owe to them," Reuters quoted its source as saying on Friday (November 28, 2003).