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MagnaChip to Sell Its Foundry Business
- Client News
- March 30, 2020
Paul, Weiss is advising MagnaChip Semiconductor Corporation in the sale of its Foundry Services Group and the fabrication plant in Cheongju, Korea by certain of the company’s wholly-owned subsidiaries to a special purpose company established by Alchemist Capital Partners Korea Co., Ltd. and Credian Partners, Inc. MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, internet of things, consumer, industrial and automotive applications. The total transaction value is approximately $435 million, consisting of $344.7 million in cash and the assumption of approximately $90 million in statutory severance liabilities. The transaction, which was announced on March 30, is expected to close in approximately four to six months, subject to customary closing conditions.
The Paul, Weiss team includes, among others, corporate partners Jeffrey Marell, Ross Fieldston, Greg Liu and David Huntington and counsel Andrea Quek, Frances Mi and Kit Mak; tax partner David Mayo; employee benefits partner Lawrence Witdorchic and counsel Uri Horowitz; litigation partners Jacqueline Rubin, Daniel Kramer and Walter Ricciardi; real estate partner Peter Fisch; intellectual property partners Jonathan Ashtor and Charles Googe; international trade counsel Richard Elliott; antitrust counsel Yuni Sobel and Marta Kelly; and environmental counsel William O'Brien.