Micron Technology Completes Acquisition of Inotera Memories of Taiwan
06 December 2016 - 4:01PM
Micron Technology, Inc. (NASDAQ:MU) today announced that it has
completed the acquisition of Inotera Memories, Inc. Micron acquired
all of Inotera’s outstanding shares for consideration worth 30 New
Taiwan Dollars per share or approximately $0.94 USD per share. This
represents a transaction value of approximately $4.0 billion, net
of cash and debt at Inotera, to acquire the equity not already
owned by Micron.
“We are excited to finalize the Inotera acquisition
which will generate significant financial and strategic benefits
for the company,” said Micron CEO Mark Durcan. “We expect immediate
accretion to DRAM gross margins, earnings per share and free cash
flow along with enhanced operational efficiency as we align Inotera
with our global manufacturing operations.”
About MicronMicron Technology,
Inc., is a global leader in advanced semiconductor systems.
Micron’s broad portfolio of high-performance memory
technologies—including DRAM, NAND and NOR Flash—is the basis for
solid state drives, modules, multichip packages and other system
solutions. Backed by more than 35 years of technology leadership,
Micron’s memory solutions enable the world’s most innovative
computing, consumer, enterprise storage, networking, mobile,
embedded and automotive applications. Micron’s common stock is
traded on the NASDAQ under the MU symbol. To learn more about
Micron Technology, Inc., visit www.micron.com.
Micron and the Micron orbit logo are trademarks of
Micron Technology, Inc. All other trademarks are the property of
their respective owners.
This press release contains forward-looking
statements regarding future events that involve risks and
uncertainties. For example, statements related financial and
strategic benefits, the accretive nature of the transaction, and
enhanced operational efficiency are forward looking statements.
These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results to differ
materially, including: uncertainty of the expected financial
performance of the combined operations following completion of the
transaction; the ability to successfully integrate Inotera’s
operations and employees; the ability to realize anticipated
synergies and cost savings; unexpected costs, charges or expenses
resulting from the transaction; as well as other risks and
uncertainties identified in our Annual Report for the year ended
September 3, 2016, filed on Form 10-K with the Securities and
Exchange Commission. The forward-looking statements speak only as
of the date of this report and undue reliance should not be placed
on these statements. The Company disclaims any obligation to update
any forward-looking statements as a result of new information,
future events or otherwise.
Contacts:
Ivan Donaldson
Micron Investor Relations
idonaldson@micron.com
(208) 368-4093
David Oro
Micron Media Relations
davidoro@micron.com
(208) 368-5584
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