Hynix, the renown memory chip maker, has reportedly sold its non-memory semiconductor operations to Citigroup Venture Capital for some $828 million, the new company will be renamed to MagnaChip Semiconductor. In the meantime, Hynix will focus completely on its memory business and reduce its debt using the acquisition money.

MagnaChip is expected to have $1bn sales this year focused on market segments like CMOS image sensors, display drivers, application solution processors and foundry work - particularly in the area of high voltage process technology.