Micron triggers buy out of Intel JV
On October 18, 2018 Micron indicated its intention to make the move some time after January 1, 2019 (see Micron to buy Intel out from manufacturing venture). The two companies had previously announced an end to their collaboration on phase-change memory, which the two companies have called 3D XPoint memory (see Intel, Micron end collaboration on 3D XPoint NVM).
The deal to end their joint venture will close on a date in the next six to 12 months to be selected by Intel. At the time of closing, Micron expects to pay approximately $1.5 billion in cash for the transaction. The payment will end Intel’s non-controlling interest in IM Flash and eliminate IM Flash debt on Micron’s balance sheet, which was $1 billion as of Nov. 29, 2018.
“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,” said Sanjay Mehrotra, CEO of Micron, in a statement.
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