Yahoo Finance SK’s AI Chip Startup Sapeon Agrees to Merge With Rebellions
(Bloomberg) -- SK Telecom Co.’s artificial-intelligence chip startup unit Sapeon Korea Inc. and rival Rebellions Inc. have agreed to combine their businesses, joining forces in a bid to compete globally and capitalize on booming demand for AI services.
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The move underscores the two companies’ ambition to create a leading AI chip company in South Korea, they said in a statement on Wednesday. They will start due diligence with a goal of completing discussions about a merger ratio and other details of the business combination in the third quarter, representatives of the two companies told Bloomberg News.
Rebellions, backed by KT Corp., was most recently valued at 880 billion won ($640 million), while Sapeon was valued at 500 billion won. Sapeon is 84.5% owned by SK Telecom, SK Hynix Inc. and SK Square Co.
Rebellions was in discussions to select local financial advisers as part of a plan to prepare for an initial public offering as soon as the second half of 2025, according to Chief Financial Officer Shin Sungkyue. Today’s announcement won’t change its plans for an IPO though the timing may shift, he said.
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