Micron completes Numonyx acquisition

Micron Technology Inc. said on Friday that it had completed its all-stock purchase of Numonyx B.V. worth around $1.2 billion.

Memory maker Numonyx was created as a joint venture of STMicroelectronics and Intel.

Micron said it issued 138 million shares of Micron common stock to Numonyx shareholders, which still include Intel and STMicroelectronics as well as VCs Francisco Partners. Micron also assumed outstanding restricted stock held by Numonyx employees.

In a press statement, Micron reckoned the deal, "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.

In the fourth quarter of 2009, Numonyx generated $42 million cash flow on revenue of around $550 million.