SK Hynix CEO says top shareholder to secure $1.6 billion for M&A in chips, blockchain

Employees walk past the logo of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji

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SEOUL, March 28 (Reuters) — The CEO of South Korean chipmaker SK Hynix (000660.KS) said on Monday that its largest shareholder, SK Square (402340.KS), is considering merger and acquisition deals involving chip companies.

«We are considering investment in companies ranging from those that are big in scale to those that are small,» Co-CEO of SK Hynix Park Jung-ho, who is also CEO of SK Square, said at the latter’s annual shareholders meeting.

SK Square, which owns 20.1% of SK Hynix, plans to secure 2 trillion won ($1.63 billion) or more of its own for investments over the next three years, as well as establish a joint investment base with domestic and foreign investors, to invest intensively in areas such as chips and blockchain.

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SK Square executives were involved in SK Group’s large-scale chip M&As in the past decade such as the acquisition of SK Hynix in 2012, SK Hynix investing 395 billion yen ($3.21 billion) in a stake in Kioxia in 2017, and SK Hynix signing the $9 billion acquisition of Intel’s (INTC.O) NAND business in 2020, SK Square said in a statement.

($1 = 1,226.8400 won)

($1 = 123.1000 yen)

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Reporting by Joyce Lee; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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