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Micron Technology Buys Numonyx for $1.2 Billion

Micron Technology Inc. (Nasdaq: MU) has acquired flash memory company Numonyx BV for $1.2 billion in stock. Numonyx was formed in 2008 as a joint venture between Intel Corp., STMicroelectronics and Francisco Partners. Intel contributed its NOR assets for a 45.1% stake, STM contributed its NOR and NAND assets for a 48.6% stake and Francisco invested $150 million for a 6.3% stake.

PRESS RELEASE
Micron Technology, Inc., (NASDAQ: MU) announced today that the company has completed its acquisition of Numonyx B.V. in an all stock transaction valued at approximately $1.2 billion USD. Under the agreement, Micron issued approximately 138 million shares of Micron common stock to Numonyx shareholders, Intel, STMicroelectronics, N.V. and Francisco Partners, and assumed outstanding restricted stock units held by Numonyx employees.

“With this acquisition, Micron builds on its position as one of the world’s leading memory companies with increased scale, a broader product portfolio and industry-leading technology,” said Steve Appleton, Chairman and CEO of Micron.

The transaction further strengthens Micron’s broad portfolio of DRAM, NAND and NOR memory products and strong expertise in developing and supporting memory system solutions. Micron also gains increased manufacturing and revenue scale along with access to Numonyx’s customer base, providing significant opportunities to increase multi-chip offerings in the embedded and mobile markets.

As of Dec. 31, 2009, Numonyx reported net assets of $1.3 billion and cash and cash equivalents, net of debt to unrelated parties of $70 million. In the fourth calendar quarter, Numonyx generated $42 million in free cash flow based on quarterly revenues of approximately $550 million.

About Micron
Micron Technology, Inc., is one of the world’s leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets a full range of DRAM, NAND and NOR flash memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, embedded and mobile products. Micron’s common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.