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SK Telecom To Pick 21% Hynix Stake

South Korea’s largest wireless operator SK Telecom Co. is acquiring a 21 percent stake in Hynix Semiconductor for $3.04 billion.

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.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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