SEOUL -- South Korean chipmaker SK Hynix has offered to invest 3 trillion won ($2.62 billion) in the chipmaking operations set to be spun off from struggling Japanese manufacturer Toshiba, according to local media reports Tuesday.
SK Hynix has the fifth-largest share of the global market for NAND flash memory, while Toshiba is the No. 2 player.
The two companies are rivals in that market, but they collaborate in the development of advanced memory products.
It is thought that SK Hynix wants to strengthen its ties with Toshiba in an effort to catch its domestic rival, the top-ranked Samsung Electronics.
SK group, of which SK Hynix is a core subsidiary, is among the five largest South Korean conglomerates. Since the beginning of this year, the group has invested aggressively in the semiconductor material and chemical businesses. It plans to spend 4.9 trillion won on mergers and acquisitions in 2017.
Toshiba is believed to have stopped accepting investment bids for its semiconductor business on Friday. Sources said the five bidders include Micron Technology, a major U.S. chipmaker; Western Digital, a U.S. player allied with Toshiba; and Bain Capital, a U.S. investment fund.