South Korea’s largest wireless operator SK Telecom Co. is acquiring a 21 percent stake in Hynix Semiconductor for $3.04 billion, The Wall Street Journal reports. The deal, which will help SK Telecom diversify, allows nine banks to divest a portion of their 15 percent interest in Hynix.

The SK Group unit will buy 101.85 million new Hynix shares at $20.37 per unit, accounting for 14.7 percent stake. The mobile operator also will buy from creditors 44.25 million prevailing shares for $21.74 each, accounting for a 6.4 percent holding. SK Telecom became the only bidder for the stake after STX Corp. dropped its bid in September.

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