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Exercising its right to purchase Intel’s interest in the parties’ joint venture.
January 24, 2019
By: DAVID SAVASTANO
Micron Technology, Inc. announced the company is exercising its right to purchase Intel’s interest in the parties’ joint venture, IM Flash Technologies, LLC (IM Flash). On Oct. 18, 2018, Micron disclosed its intention to exercise the option. “The IM Flash acquisition will enable Micron to accelerate our R&D and optimize our manufacturing plan for 3D XPoint,” said Sanjay Mehrotra, Micron Technology president and CEO. “The Utah-based facility provides us with the manufacturing flexibility and highly skilled talent to drive 3D XPoint development and innovation, and to deliver on our emerging technology roadmap.” The transaction will close on a date in the next six to 12 months to be selected by Intel. At the time of close, Micron expects to pay approximately $1.5 billion in cash for the transaction.
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