SEOUL: The world’s second-largest chipmaker, South Korea’s SK Hynix, is to buy Intel’s flash memory chip operation in a deal worth US$9 billion, it said Tuesday, as it seeks to bolster its position against Samsung.
Both markets are dominated by rival South Korean behemoth Samsung Electronics, and global chip demand has driven the two firms’ profits upwards in recent years. SK Hynix CEO Lee Seok-hee said in a statement the acquisition will enable the firm to “proactively respond to various needs from customers and optimise our business structure”, and make its NAND flash market position “comparable with what we achieved in DRAM”.
The acquisition will be paid for in cash, funded through existing reserves and borrowing, SK Hynix said.
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