[Alpha Biz= Reporter Kim Sangjin] SK Telecom (SKT) and AI semiconductor startup Rebellion have signed a merger agreement with Sapeon Korea, an SKT affiliate, as of August 18.

The signing, held at Rebellion's office in Bundang, marks a significant step towards the creation of a leading AI semiconductor company in South Korea. The companies had announced their merger plans in June to enhance global AI infrastructure competitiveness and have since conducted mutual due diligence and negotiations on merger conditions.

The agreed valuation ratio between Sapeon Korea and Rebellion is 1:2.4. The newly merged entity is expected to surpass a valuation of 1 trillion won (approx. $750 million) and become a unicorn company representing South Korea’s AI semiconductor sector.

Post-merger, the surviving entity will be named 'Sapeon Korea,' but it will operate under the name 'Rebellion,' reflecting the leadership of Rebellion’s management team. Rebellion’s CEO, Park Sung-hyun, who has driven the company's rapid growth, will lead the merged company.

To ensure stable operation post-merger, SK Telecom, SK Hynix, and SK Square, as Sapeon’s shareholders, have agreed to sell 3% of their shares before the merger to secure Rebellion’s management as the primary shareholder. Additionally, to facilitate smooth management, the key stakeholders, including Sapeon and Rebellion executives, have agreed not to sell their shares for a certain period without mutual consent.

SKT plans to actively support the merged entity’s entry into the global AI semiconductor market and enhance South Korea’s AI semiconductor competitiveness. SK Square and SK Hynix will also support the merged company as shareholders.

 

 

 

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