Heaptalk, Jakarta — Rebellions, a South Korean AI chip maker, signed a consolidation agreement with Sapeon Korea, an AI semiconductor company founded by SK Telecom (08/18). The initial plan to unite emerged on June 12, aiming to boost global AI infrastructure competitiveness. Since then, both AI chip startups have been mutually conducting due diligence and negotiating merger terms.
The two AI chip startups agreed to an equity value ratio of 2.4:1, reflecting their companies’ value and assets. Following the deal, the merged entity will use Sapeon Korea as an identity, and the Rebellions’ current leadership will manage it. This new entity is estimated to be revealed within 2024.
Furthermore, the entity will withhold the name ‘Rebellions’ and will be led by Rebellions’ CEO, Park Sung-hyun. To secure Rebellions’ new management as the merged entity’s majority shareholders and provide stability, Sapeon’s current shareholders, consisting of SK Telecom (SKT), SK Square, and SK Hynix, will sell 3% of their Sapeon shares following the union.
Expanding into global AI semiconductor market
After the merger, SKT will be a strategic investor, actively supporting the newly formed company’s expansion into the global AI semiconductor market and enhancing South Korea’s leadership in AI chip technology. SK Hynix and SK Square, as shareholders of Sapeon, will also support the merged entity.
“South Korea has long been a powerhouse in memory semiconductors. Today, we’re taking a crucial step to extend that leadership into the realms of logic chips and AI through this landmark consolidation. Our goal now is to emerge as a leading force in the worldwide AI chip market, navigating the intense industry competition,” said Park Sung-hyun, Co-founder and Rebellions CEO.
Meanwhile, Ryu Young-sang, SKT CEO, said that signing this agreement will greatly enhance SKT’s global position in AI semiconductors, one of the key parts of the AI value chain they are developing. “We will continue to invest strategically and work together to become a leader in the AI era,” he concluded.
