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SK Telecom buys 21% stake in Hynix
11/14/2011 9:07 PM EST
SAN FRANCISCO—SK Telecom, South Korea's largest mobile service provider, said Monday (Nov. 14) it signed a deal to acquire 21 percent of memory chip vendor Hynix Semiconductor Inc., according to multiple media reports.
The Bloomberg news service reported Monday that SK Telecom would buy 101.85 million new shares of Hynix at 23,000 won (about $20.42) apiece, and 44.25 million existing Hynix shares for 24,5000 won (about $21.77) each. The deal is worth about $3.05 billion in total, according to the report.
According to the Bloomberg report, the offer represents a premium of at least 3 percent over Hynix's closing price Monday.
The deal is expected to close the deal by the first quarter of next year, according to the report.
SK Telecom's investment in Hynix has been expected for some time. In September, South Korean shipping firm STX Group dropped its bid to acquire the stake in Hynix being sold by a group of banks, leaving SK Telecom as the only bidder.
Hynix is the world's second largest memory chip firm, behind fellow South Korean firm Samsung Electronics Co. Ltd.
The Bloomberg news service reported Monday that SK Telecom would buy 101.85 million new shares of Hynix at 23,000 won (about $20.42) apiece, and 44.25 million existing Hynix shares for 24,5000 won (about $21.77) each. The deal is worth about $3.05 billion in total, according to the report.
According to the Bloomberg report, the offer represents a premium of at least 3 percent over Hynix's closing price Monday.
The deal is expected to close the deal by the first quarter of next year, according to the report.
SK Telecom's investment in Hynix has been expected for some time. In September, South Korean shipping firm STX Group dropped its bid to acquire the stake in Hynix being sold by a group of banks, leaving SK Telecom as the only bidder.
Hynix is the world's second largest memory chip firm, behind fellow South Korean firm Samsung Electronics Co. Ltd.
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