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Sapeon Korea, Rebellions sign merger agreement to become South Korea's leading AI chipmaker

( August 19, 2024, 08:14 GMT | Official Statement) -- MLex Summary: SK Telecom and Rebellions have signed a merger agreement, combining the telecom giant's subsidiary Sapeon Korea with the AI semiconductor startup. The companies said in a joint statement yesterday the merger values Rebellions at 2.4 times that of Sapeon Korea, creating a unified company with an expected valuation exceeding 1 trillion won (about $749.3 million). While Sapeon Korea will be the surviving entity legally, the new company will operate under the Rebellions name and will be led by Rebellions' current CEO, Park Sung-hyun. The companies said the merger aims to strengthen South Korea's position in the global AI chip market and that they view the next two years as a critical time for gaining a competitive edge. The merged entity is slated to launch by the end of this year.The statement, in Korean, follows:...

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