© MagnaChip Business | September 02, 2020
MagnaChip completes the sale of its foundry services and Fab 4
The designer and manufacturer has completed previously announced sale of the its Foundry Services Group and the factory in Cheongju (Fab 4) to Key Foundry Co., Ltd., for approximately USD 350.6 million.
The purchase price was paid in a combination of U.S. Dollars in the amount of USD 46.5 million and Korean Won in the amount of approximately KRW 360.6 billion. In addition to the purchase price, Key Foundry assumed all severance liabilities relating to the transferred employees, which according to a press releasehave a value of approximately USD 100 million. The buyer is a wholly owned subsidiary of Magnus Semiconductor, LLC, which was established by Alchemist Capital Partners Korea Co., Ltd. and Credian Partners, Inc. MagnaChip says it intends to use approximately USD 227.4 million of the net proceeds to fully redeem all of its outstanding 6.625% Senior Notes due 2021, of which USD 224.25 million principal amount was outstanding. "This represents a pivotal chapter for MagnaChip as we are transforming into a streamlined, pure-play standard products company focused on the attractive growth opportunities in our Display and Power businesses. We will use a portion of the net proceeds from the sale to de-lever by paying off $224.25 million of our outstanding debt, eliminating a substantial portion of our annual interest expense. With sharpened focus and an improved balance sheet, we are committed to strive for sustainable and profitable growth," says MagnaChip's Chief Executive Officer, YJ Kim.
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