Micron to acquire remaining shares of Inotera Memories

Micron currently owns approximately 33 percent of Inotera. And now the company will buy the remaining 67 percent in a deal valued at approximately USD 3.2 billion, net of cash and debt. "We believe this is a compelling combination for both companies' shareholders and employees," said Micron CEO Mark Durcan. "The acquisition is the culmination of a highly successful seven year partnership with Inotera. It enables Micron to realize the full financial and operational benefit of Inotera's operations and provides a strong future for Inotera and its employees, who will become an even more critical part of Micron's success." Micron is now purchasing 100 percent of Inotera's DRAM output, representing approximately 35 percent of Micron's total DRAM production. Inotera is expected to be fully deployed on Micron's 20 nanometer technology by the middle of 2016. "Inotera and Micron have enjoyed a successful partnership for many years, and we are building on that success with this new agreement that provides Inotera and its employees an opportunity to become even more unified and aligned with Micron," said Inotera Chairman Dr. Pei-Ing Lee. The companies expect the transaction to close in the middle of 2016. Upon closing, Micron expects to record one-time acquisition related items.