Alchemist Capital Partners and Credian Partners, two private equity firms, completed the acquisition of MagnaChip's Foundry Services Group, a provider of specialty analog and mixed-signal foundry services, and FAB4, a factory in Cheongju, for $450m. "Importantly, it will allow us to meaningfully improve our balance sheet, and fully focus as a pure-play standard products company on the attractive high-growth opportunities in our Display Solutions and Power Solutions business lines. Finally, we are confident there will also be myriad benefits for the Foundry business and its employees, who will have significant new opportunities as a result of the transaction," YJ Kim, MagnaChip CEO.