Samsung deals spurred by succession pressure

As part of the agreement, KKR will acquire $820m of newly issued Samsung SDS convertible bonds; Samsung SDS will spend the money on M&A and improving its AI capabilities.

Following an agreement in San Francisco, the Korean and US firms will collaborate across memory and foundry technologies, supporting the next generation of AI infrastructure as the semiconductor ecosystem becomes more sophisticated.

The Series D round values the Korean semiconductor startup at $2.9bn as it targets global commercialisation of its AI inference accelerator.

Citi has hired Cristina Mascanzoni for a new role in its capital markets and advisory team as director and technology coverage lead for Australia and New Zealand.

The flotation, which represents the latest move by Korea's largest business group to restructure, is the largest IPO in the country in four years.

The world's largest tablet and smartphone display maker is set to list in Tokyo in March, which would be the largest IPO in Asia so far this year.