2012-02-24

Micron increases stake in Inotera

SAN FRANCISCO—Micron Technology Inc. has increased its stake in Inotera Memories Inc., its Taiwanese joint venture with Nanya Technology Corp., according to a regulatory filing made by Inotera this week.

In a filing with Taiwan's stock exchange, Inotera disclosed that Micron, through its Numonyx Holding BV subsidiary, would buy more than 763 million shares of Inotera at a discounted price of NT$6.55, about 10 percent lower than Inotera's stock value at the time.

According to a report by the Taipei Times, Micron will pay about $169 million total for the shares. The Taipei Times also reported that the deal would boost Micron's ownership stake in Inotera to 40 percent from 30 percent, surpassing Nanya, which will now hold 26 percent of the joint venture.

In the filing, Inotera said the issuance of shares through private placement with Micron would increase Inotera's net worth and improve its financial structure.

"There is no change in the board seat arrangement after the shareholding change, but Micron will take more 30-nm capacity, which is expected to improve Inotera's profitability," the filing stated.

Micron increases stake in Inotera

TAG:Micron Inotera Memory Stake Nanya

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