Korean chip maker Hynix confirmed on May 8 its plan to buy a stake of 8% to 10% in Taiwanese counterpart ProMOS, in a bid to further the existing strategic tie-up between the two companies and boost mutual competitiveness. The deal is valued at US$180 million, Dow Jones International News reported.

With the extension of strategic partnership, ProMOS will be able to fabricate memory chips leveraging Hynix's 50nm technology. Under a previous licensing agreement, ProMOS already engages in chip production using Hynix's 70nm and 80nm technologies, according to the same report.