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SEOUL , South Korea , Dec. 29 /PRNewswire/ -- MagnaChip Semiconductor Ltd.,a leading global designer, developer and manufacturer of image sensor solutions, mixed-signal and digital multimedia semiconductors, today, announced that it has agreed to sell its Application Processor business to GreenChips Co., Ltd (www.greenchips.co.kr), a Korean semiconductor solution provider. The sale is expected to be finalized in January 2006 .
Under the terms of the agreement, MagnaChip will have a 10% equity stake in the new independent entity, and will continue to provide foundry services to the new entity.
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.
Myungsoo Kang, Head of the Application Processor Business of MagnaChip Semiconductor, commented, "This transaction was ideal for us given the natural fit with GreenChips' business. We are pleased to have such a strong partner given GreenChips' great reputation and sector knowledge."
Mr. Won Choi , CEO of GreenChips, commented, "Our strong relationship with MagnaChip gave us high confidence in this transaction. We are very optimistic about acquiring the Application Processor business as a logical extension ofour current MCU business. We are also pleased that there will be no disruptions in the foundry business as the high yields historically delivered by MagnaChip are central to future profitability."