SK hynix closes $492 mn acquisition of chip contract firm Key Foundry

Seoul: SK hynix, South Korea’s second-largest chipmaker, said on Tuesday it has wrapped up a 576 billion won ($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, 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, reports Yonhap news agency.