In a statement on Friday, SK Hynix Inc, the world’s second-largest memory chip said, it will acquire South Korea-based Key Foundry for $492.41 million (576 billion won).

Key Foundry’s 8-inch wafer foundry manufactures chips for power management, display driver and microcontroller units, said Hynix in a statement.

For the acquisition, Sk Hynix expects to double its current 8-inch foundry capacity. ($1 = 1,169.3500 won)

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Tags: acquisition, chips, display driver, foundry capacity, Key Foundry, memory chip maker, merger, microcontroller units, power management, semiconductors, SK Hynix Inc, South Korea, wafer foundry