SK hynix to acquire 100% of Key Foundry for KRW 575.8bn

SI Semiconductors 8-inch semiconductor foundry

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value: $397m
Stake: 100%
Implied 100%: $397m
Revenue: $425m
Op. income: —
Multiples: PSR 0.9x

Target: Key Foundry · 8-inch semiconductor foundry
Buyer: SK hynix · SI
Seller: Magnus Semiconductor LLC (Magnus PEF)
Structure: —
Announced: Oct 29, 2021
Closed: —
Stage: Signed

Target

Key Foundry is an 8-inch (200mm) wafer foundry spun out in 2020 from the foundry division of Magnachip (itself separated from Hynix in 2004), providing mature-node (90nm and above) contract manufacturing of PMICs, display driver ICs and MCUs. Revenue was KRW 616 billion in 2021.

Deal rationale

SK hynix said the acquisition would bring it a step closer to doubling its foundry capacity, bolstering 8-inch capabilities to strengthen system-semiconductor competitiveness and contributing to global chip supply stabilization and Korea's system-IC ecosystem. Reports said seller Magnus Semiconductor (a PEF run by Alchemist Capital and Gravity PE) bought Key Foundry from Magnachip in 2020 for KRW 510 billion, with SK hynix contributing about KRW 207.3 billion (49.8%) as an LP. The KFTC approved on 30 March 2022 finding no competition concerns, and the acquisition closed on 2 August 2022.

생산능력 확대

Revenue	$425m
Operating income	—
EBITDA	—
Net income	—

2021 · Multiple reports agree (not yet checked against DART)

Press coverage

바이라인네트워크 (2021-10-29): “매그너스 반도체 유한회사로부터 키파운드리 지분 100%를 5758억원에 인수하는 계약을 체결했다고 밝혔다”
아주경제 (2022-03-30): “키파운드리 주식 100%를 약 5758억원에 취득하는 계약을 체결한 후”
바이라인네트워크 (2022-08-02): “8인치 파운드리 생산능력을 두 배로 늘리겠다.”
디지털데일리 (2021-03-05): “유한책임투자자(LP) 투자로 간접 보유 중인 키파운드리 자산을 향후 8인치 시장 상황에 따라 고객 가치에 기여하는 방향으로 진행하겠다”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.