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SEOUL , South Korea , Feb. 2 /PRNewswire-FirstCall/ -- MagnaChip Semiconductor Ltd. today announced that it has completed the sale of its Application Processor business to ABOV Semiconductor Co., Ltd., a new independent entity formed by the investors in GreenChips Co., Ltd(http://www.green chips.co.kr), a Korean semiconductor solution provider. The transaction was previously announced on December 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% equity stake in ABOV Semiconductor, and will continue to provide foundry services to the new entity. The purchase price was not disclosed.
The Application Processor business primarily includes assets, staff and intellectual property related to MagnaChip's 8-bit and 32-bit microcontroller,SmartCard controller, microperipheral IC, and linear IC product lines.
Dr. Youm Huh , President and CEO of MagnaChip Semiconductor, said, "The close of this sale will allow us to now focus further on our three core businesses -- Display Solutions, Imaging Solutions and our Semiconductor Manufacturing Services. By maintaining a 3% 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. We are also pleased that MagnaChip will continue to provide foundry services to the new entity."
About MagnaChip Semiconductor
MagnaChip Semiconductor is a leading designer, developer and manufacturerof mixed-signal and digital multimedia semiconductors addressing the convergence of consumer electronics and communications devices. We focus on CMOS image sensors and flat panel display drivers, which are complex, high performance, mixed signal semiconductors that capture images and enable and enhance the features and capabilities of both small and large flat panel displays. MagnaChip also provides wafer foundry services utilizing CMOS high voltage, embedded memory, analog and power process technologies for the manufacture of IC's for customer- owned designs. MagnaChip has world-class manufacturing capabilities and an extensive portfolio of approximately 12,300 registered and pending patents. As a result, MagnaChip is a valued partner in providing leading technology solutions to its customers worldwide. For more information, visit http://www.magnachip.com.CONTACTS: In Korea: In the U.S.: Youngjae Chang, PR Manager David Pasquale, EVP at The Ruth Group Tel: 82-2-3459-5884 Tel: +646-536-7006 email@example.com firstname.lastname@example.org
SOURCE MagnaChip Semiconductor Ltd.
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