UPDATE 1-Hynix sells $100 mln China JV stake to Numonyx
SEOUL, Sept 25 (Reuters) - Hynix Semiconductor Inc (000660.KS) said on Thursday it would sell part of its stake in a Chinese joint venture to partner Numonyx for $100 million, as Numonyx seeks to raise its control over the Hynix-led chip plant.
After the sale, Hynix will see its stake in the Wuxi plant, which produces dynamic random access memory (DRAM) chips used in personal computers, cut to 72.3 percent from the current 83.3 percent.
Numonyx, a memory joint venture owned by STMicroelectronics (STM.PA) (STM.N), Intel Corp (INTC.O) and Francisco Partners, has said it planned to increase its stake in the joint venture to one third.
It is also working with Hynix in a five-year tie-up to develop NAND flash memory chips, used in hand-held devices including cellphones, digital music players and cameras.
The stake sale comes as memory chip makers suffer a prolonged downturn hit by a supply glut and weak demand for personal computers and consumer electronics.
Hynix said the transaction will be completed by the end of this year. No decision has been made as to when Numonyx would make additional investments, a Hynix spokeswoman said. (Reporting by Rhee So-eui; Editing by Keiron Henderson)
