Citigroup buying Hynix’s nonmemory business

June 1, 2004 – Creditors of South Korea’s Hynix Semiconductor have agreed to sell the company’s non-memory business to Citigroup for approximately $822 million, funds which would help the company pay for a proposed $1.5 billion production facility near Shanghai.

The deal calls for creditors to lend nearly $330 million to Citygroup Venture Capital Equity Partners to help finance the purchase, expected to be completed by August, according to the Associated Press.

The business, which produces chips for flat-panel displays and camera phones, accounted for about 18% ($200 million) of Hynix’s 1Q04 sales.


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