Summary
Intel Corporation (INTC) is announcing its divestiture of its financial interest in Numonyx B.V. through a definitive agreement where Micron Technology, Inc. will acquire Numonyx. This transaction, valued at approximately $1.27 billion based on Micron's stock price as of February 9, 2010, involves Intel selling its 45.1% stake in Numonyx to Micron. In return, Intel will receive 140 million shares of Micron common stock, with a potential for an additional 10 million shares under specific conditions. This strategic move indicates Intel's focus on core business areas and a reduction in its involvement with the non-volatile memory market segment previously addressed by Numonyx. Investors should note that this is an all-stock transaction and is subject to regulatory approvals and customary closing conditions, with an expected closing within the next three to six months. The information is presented via a press release from Micron and Numonyx, and is not to be treated as filed under the Securities Exchange Act of 1934.
Key Highlights
- 1Intel is selling its stake in Numonyx B.V. to Micron Technology, Inc.
- 2The transaction values Numonyx at approximately $1.27 billion (based on Micron's Feb 9, 2010 closing stock price).
- 3Intel will receive 140 million shares of Micron common stock, with a potential for an additional 10 million shares.
- 4Intel held a 45.1% financial interest in Numonyx.
- 5The transaction is an all-stock deal.
- 6Closing of the transaction is expected within 3-6 months, subject to regulatory review and customary conditions.
- 7This filing is primarily to disclose a press release from Micron and Numonyx regarding the agreement.