8-KAcquisitions & DispositionsRegulation FDExhibits & Filings

MICRON TECHNOLOGY INC 8-K Report, Acquisition Completed (Jul 31, 2013)

Filed July 31, 2013For Securities:MU

Summary

Micron Technology, Inc. (MU) announced on July 31, 2013, the successful completion of its acquisition of Elpida Memory, Inc. ("Elpida"), a Japanese semiconductor memory company. This strategic move, involving a cash payment of approximately $612 million, significantly expands Micron's global manufacturing footprint and product portfolio, particularly in Mobile DRAM. In conjunction with the Elpida acquisition, Micron also acquired a substantial stake in Rexchip Electronics Corporation, a Taiwanese joint venture, increasing its total ownership to approximately 89%. The combined acquisitions are expected to strengthen Micron's competitive position in the memory market by enhancing its production capacity, technological capabilities, and market access, especially in the rapidly growing mobile device sector.

Key Highlights

  • 1Micron has completed the acquisition of 100% of Elpida Memory, Inc. for approximately $612 million.
  • 2The acquisition includes Elpida's DRAM wafer fabrication facility in Hiroshima, Japan, and assembly/test facility in Akita, Japan.
  • 3Micron acquired an additional 24% stake in Rexchip Electronics Corporation for approximately $334 million.
  • 4Following the Rexchip share purchase, Micron's indirect ownership in Rexchip now stands at approximately 89%.
  • 5Elpida's product portfolio includes Mobile DRAM, crucial for smartphones and tablets.
  • 6The company plans to file required financial statements and pro forma information for the acquired businesses by amendment within 71 days.
  • 7This transaction is expected to enhance Micron's global manufacturing capabilities and product offerings.

Frequently Asked Questions

Micron paid 60 billion yen, equivalent to approximately $612 million at the time of closing, for 100% of Elpida's equity.

Micron gains Elpida's 300mm DRAM wafer fabrication facility in Hiroshima, Japan, its stake in the Rexchip joint venture with a facility in Taiwan, and an assembly and test facility in Akita, Japan.

Elpida already owned approximately 65% of Rexchip. Micron acquired an additional 24% of Rexchip from the Powerchip Group for approximately $334 million, bringing Micron's total indirect ownership of Rexchip to approximately 89% after acquiring Elpida.

Micron stated in the filing that the required financial statements of the acquired businesses and pro forma financial information will be filed by amendment within 71 calendar days after the date of this 8-K report.