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SK hynix bids for 20 pct stake in Toshiba's memory chip business

All Headlines 10:12 February 07, 2017

SEOUL, Feb. 7 (Yonhap) -- SK hynix Inc., the world's second-largest maker of computer memory chips, has submitted a bid to acquire a 20 percent stake in Toshiba Corp.'s memory chip business, an industry source said Tuesday.

The bid is aimed at strengthening SK hynix's NAND flash memory business as global demand for flash memory chips is roaring.

SK hynix submitted the bid last Friday, with a deal expected to cost between 2 trillion won (US$1.8 billion) and 3 trillion won, according to the source.

SK hynix bids for 20 pct stake in Toshiba's memory chip business - 1

In January, Toshiba said it would sell about a 20 percent stake in its memory business as it struggles with multibillion dollar write-downs from its nuclear power business in the United States.

Toshiba is the world's second-largest maker of NAND flash memory chips, mainly used in smartphones and other mobile devices.

SK hynix has moved to bolster its NAND flash memory business.

Last month, an affiliate of SK Group, which has SK hynix under its wing, said it agreed to buy a controlling stake in silicon wafer producer LG Siltron Inc.

The latest deal came a month after SK hynix said it would build a new NAND chip plant in South Korea for 2.2 trillion won.
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