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MagnaChip sells AP business to ABOV Semi

Posted: 06 Feb 2006 ?? ?Print Version ?Bookmark and Share

Keywords:MagnaChip Semiconductor? Application Processor? ABOV Semiconductor? GreenChips? semiconductor?

MagnaChip Semiconductor Ltd announced that it has completed the sale of its application processor (AP) business to ABOV Semiconductor Co. Ltd, a new independent entity formed by the investors in GreenChips Co. Ltd, a Korean semiconductor solution provider.

The transaction was previously announced on Dec. 29, 2005. Under revised terms of the final agreement, MagnaChip will receive a greater portion of the total proceeds in cash, along with a 3 percent equity stake in ABOV Semiconductor, and will continue to provide foundry services to the new entity. The purchase price was not disclosed.

The AP business primarily includes assets, staff and intellectual property related to MagnaChip's 8bit and 32bit microcontroller, SmartCard controller, microperipheral IC, and linear IC product lines.

Youm Huh, president and CEO of MagnaChip, said, "The close of this sale will allow us to now focus further on our three core businessesdisplay solutions, imaging solutions and our semiconductor manufacturing services. By maintaining a 3 percent equity stake in the new entity, we will continue to benefit from future upside expected from the combination of ABOV Semiconductor and MagnaChip's Application Processor businesses."




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