A definitive merger agreement has been struck between SK Telecom’s artificial intelligence (AI) semiconductor company SAPEON Korea and South Korea’s Rebellions Inc., both startups focused on artificial intelligence (AI).
The duo intends to conclude a contract this quarter after doing due diligence and obtaining shareholder approval.
Sapeon shareholders SKT, SK Square, and SK Hynix will sell 3% of their shares before the merger, making Rebellions the majority stakeholder, but the management team will remain in place.
The merger, which was rumoured in June by the Korea Economic Daily, has now been officially approved, with Rebellions’ co-founder and CEO Sunghyun Park leading the executive team of the merged firm.
Last year, Rebellions introduced the ATOM chip, Korea’s first NPU designed specifically for large language model (LLM) data centres.
Meanwhile, Sapeon debuted its next-generation AI chip, the X330, in November, boosting Korea’s competitiveness in the global AI semiconductor industry.
The two businesses have previously stated that the next two to three years provide a critical chance for South Korea to develop a position in the global AI chip industry.
Newsng understands that following the merger, SAPEON Korea will be the surviving entity, with Rebellions’ present leadership in charge.
The United business is slated to launch this year. The new business will keep the name ‘Rebellions’ and will be led by Rebellions’ CEO Park Sung-Hyun.
To establish Rebellions’ new management as the merged entity’s majority stockholders and ensure stability, SAPEON’s current shareholders SK Telecom, SK Square, and SK Hynix would sell 3% of their SAPEON shares before the merger.
We earlier reported that the second-biggest memory chip manufacturer in the world, SK Hynix, of South Korea, announced that it would invest 103 trillion won ($74.6 billion) through 2028 to expand its semiconductor business with an emphasis on artificial intelligence.
