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SK hynix completes Key Foundry acquisition

SK hynix Inc., South Korea’s second-largest chipmaker, said Tuesday it has wrapped up a 576 billion-won (US$492 million) acquisition of local chip contract manufacturer Key Foundry.

The company said it has recently completed the official acquisition process of the 8-inch wafer foundry manufacturer from Magnus Investment Partners LLC, a private equity fund, under a 100 percent stake-purchase deal signed in October of last year.

The closure of the deal came after the acquisition was approved by South Korean and Chinese antitrust regulators in the first half of the year.

SK hynix runs a foundry business through its affiliate SK hynix system IC, which has a similar production capacity to that of Key Foundry. The company said the acquisition will help double its chip contract manufacturing capacity.

Last year, SK hynix Vice Chairman Park Jung-ho announced the company’s plan to invest in the 8-inch foundry business and to seek various options, including mergers and acquisitions, to boost its production capacity. Yonhap

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