SK Telecom said on Monday that it will acquire a 21.1 percent stake in Hynix Semiconductor for 3.4 trillion won (about $3.02 billion) to take over the world’s No. 2 memory chip maker.

To acquire the controlling stake, the telecom giant plans to buy current shares of Hynix and new shares to be issued by the chip maker.

Earlier, Hynix announced that it will issue 101.85 million new shares at 23,000 won ($20.47) each to its preferred bidder SK Telecom.

In a public filing to the Korea Exchange, Hynix said it decided to offer the new shares at the price proposed by its sole bidder SKT following its board meeting, said company officials. The new shares will be added to Hynix’s existing shares amounting to about 592.17 million.

“The higher price suggested by the bidder was chosen among the bidding price for the new share and the amount recently calculated by the Hynix’s board committee,” the company said in the public notice.

The final dates of the listing and delivery of the new shares will be confirmed later at another board meeting, which will be organized when the pre-conditions for the contract are fulfilled, it said.

The stake sales contract was signed after Hynix board members decided on the price of the new shares.

“We plan to close the deal with Hynix by the first quarter of next year,” said an SKT official.

On Friday, Hynix’s shareholders named SKT as the preferred bidder for the world’s No. 2 computer memory chipmaker, a day after the country’s top mobile carrier submitted a final bid for a controlling stake in Hynix.

Hynix shareholders had extended the deadline twice to draw more bidders as the STX Group pulled out of the competition in September. Lead manager Credit Suisse delivered statements on how to participate in the Hynix bidding to about 12 large firms but did not receive positive responses.

The sale is projected to be wrapped up as early as January following a month-long due diligence which will soon take place.

By Cho Ji-hyun (sharon@heraldcorp.com)