Micron / Inotera deal moves forward

The transaction involves Micron acquiring Inotera’s remaining shares for NTD 30 per share or approximately USD 0.90 USD per share. Micron currently owns approximately 33 percent of Inotera. This represents a transaction value of approximately USD 3.2 billion, net of cash and debt at Inotera, to acquire the remaining equity. The transaction enables Micron to realise the full financial and operational benefit of Inotera’s operations, including an expected average incremental free cash flow of at least USD 600 million per year, and provides a strong future for Inotera and its employees. Micron has been 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 this year as well.