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SK Hynix CEO says top shareholder to secure $1.6 billion for M&A in chips, blockchain -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Employees pass the logo of SK Hynix, its headquarters in Seongnam (South Korea), April 25, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – SK Hynix CEO, a South Korean chipmaker, said that SK Square, its largest shareholder is looking into mergers and acquisitions involving chip businesses.

At SK Square’s annual shareholders meeting, the Co-CEO and CEO of SK Hynix Park Jungho said that “We are contemplating investment in companies ranging in size from those that have large scale to those with small,”

SK Square is 20.1% owner of SK Hynix. The company plans to obtain 2 trillion won ($1.63billion), or more, for investment over the next three-years.

SK Square executives were involved in SK Group’s large-scale chip M&As in the past decade such as the acquisition of SK Hynix in 2012, SK Hynix investing 395 billion yen ($3.21 billion) in a stake in Kioxia in 2017, and SK Hynix signing the $9 billion acquisition of Intel (NASDAQ:)’s NAND business in 2020, SK Square said in a statement.

($1 = 1,226.8400 won)

($1 = 123.1000 yen)

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