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Hynix cashes in its chips

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South Korean giant Hynix is selling its non-chip business to a Citigroup subsidiary for over $820m.

Hynix shareholders rejected an offer in mid-April for the business but 75 per cent voted in favour of the latest bid. Citigroup Venture Capital gets Hynix flat-panel display chips and sensors for camera-phones. Two thirds of the value of the deal is payable in cash - the rest is debt which Citigroup will take on.

Hynix will use the money to pay off some its debt and invest in its DRAM plant in mainland China - a joint venture with STMicroelectronics. The sale, and the decent price, should help Hynix get the project moving again.

The deal still needs to be approved by the Hynix board but is likely to go through this week. ®

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