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MagnaChip Semiconductor Corp. revealed it is selling the company to Chinese PEF for $1.4 billion. The South Korean chipmaker is listed on the New York Stock Exchange (NYSE), and it just announced its signed agreement with Wise Road Capital Ltd. and its affiliates.
Details of the MagnaChip company sale
As per The Korea Herald, MagnaChip Semiconductor is selling its entire stocks, which means the Chinese private equity fund will own it fully. Based on the agreement, all shareholders of the South Korean chipmaker will get $29 in cash for each share of MagnaChip’s common stock they have right now.
The company will be sold in an all-cash transaction amounting to more or less $1.4 billion. It was added that this deal is wholly supported by equity commitments and not contingent on some financing conditions.
Once the negotiations are completed, which is expected in the second half of this year, the operations of MagnaChip will continue in its bases that are located in Gumi in North Gyeongsang, Cheonju, and Seoul. The company is not expecting any big change, especially in dealings with its customers and workers in all of the company’s business sectors.
The transformation of MagnaChip under Wise Road
Although few changes are expected in the workforce for a smooth transition, the company is anticipating more improvements on the business side of things. Wise Road already said that it intends to work together with MagnaChip’s current management team for the company’s growth and development to become the leader in the industry. This means that not only will the company continue to operate in South Korea, but its employees will also stay.
"This transaction is in the best interests of all of our stakeholders, including shareholders, customers and employees,” YJ Kim, MagnaChip's chief executive officer, said in a press release. “It will provide an excellent opportunity to accelerate our MX 3.0 growth strategy. Given their deep industry expertise, Wise Road Capital is an ideal partner for Magnachip, and we look forward to working with them as we chart the next phase for our company.”
MagnaChip Semiconductor was listed at the NYSE in 2011, and it is hoped that it will help deal with the chip shortage through its productions in the coming months and years. The deal with Wise Road will be finalized before the year ends.
