UPDATED. 2024-07-17 07:31 (수)
Korean AI chip companies Sapeon and Rebellion to merge
Korean AI chip companies Sapeon and Rebellion to merge
  • Noh Tae Min 기자
  • 승인 2024.06.14 07:51
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South Korean AI chip companies Sapeon and Rebellions seeking a merger to become more competitive as competition heats up among AI chip companies amid the boom.

The pair said on Wednesday that the merged entity will be inaugurated within the year after they sign the merger deal within the third quarter.

The largest shareholder of the merged entity will be Sapeon Inc, which is based in the US and wholly owns Sapeon Korea. After the merger, Sapeon Inc is expected to own approximately 30% share of the merged entity, which will be led by Rebellions CEO Sunghyun Park.

The company said they were seeking the merger to “win” in the global AI chip market as the next two to three years was the window of opportunity.

Sources said Sapeon Korea is being valued at 500 billion won and Rebellion 880 billion won.

Sapeon gave convertible bonds instead of equity to its investors during its Series A round of funding, they said. These investors will receive shares of the merged entity.

Sapeon Inc’s largest shareholder is South Korean telco SK Telecom, which owns 62.5%. SK Hynix also has 25% and SK Square 12.5%. 

Meanwhile, South Korean telco KT, which owns a stake in Rebellion, is expected to see its shares drop below 10%.

Sapeon currently offers its Sapeon X330 AI chip; Rebellions is developing Rebel and X430. Sapeon uses TSMC as its foundry while Rebellion uses Samsung Foundry. A senior executive in the design house industry told TheElec that as SK Group will be the majority shareholder of the entity, it may prefer to use TSMC over Samsung Foundry. SK Hynix and Samsung are rivals in memory chips.

A Sapeon spokesperson said that the chip development direction of the merged entity has not been decided yet.

Meanwhile, Rebellions will continue to seek to go public despite the merger, a spokesperson said.

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