SK Telecom Co., South Korea’s top mobile carrier, wrapped up the purchase of a major stake in Hynix Semiconductor Inc. on Tuesday, hoping that the deal will help boost synergy between the chipmaking and telecommunications business.
SK Telecom said that the company had completed its payment of 3.37 trillion won (US billion) for a 21.05 percent stake in the world’s No. 2 memory chipmaker, about three months after signing a takeover deal.
The figure translates into SK Telecom paying 23,099 won per Hynix share. Hynix closed at 27,550 won on the Seoul bourse on Tuesday.
“We plan to develop Hynix into a new growth engine and to boost business synergy between the chipmaking and telecommunications business,” Ha Sung-min, chief executive at SK Telecom, said in a statement.
SK Telecom’s purchase of Hynix, its biggest acquisition, came as the mobile carrier is seeking to tap into the memory chip sector in a bid to go global amid stagnant local mobile markets.
Also, the board of Hynix Semiconductor Inc. on Tuesday appointed the owner of SK Group, South Korea’s No. 3 conglomerate, as chief executive of the chipmaker, despite controversy over his alleged embezzlement.