DRAM and flash-memory maker Micron Technology has swooped on Numonyx, the joint venture between Intel, STMicroelectronics and private-equity firm Francisco Partners in a deal worth $1.27bn in what may be a series of acquisitions in the resurgent but cash-strapped memory business.
Micron will pay using shares – there is no cash in this deal. "We are not leveraging the balance sheet to do this acquisition," boasted Micron CEO Steve Appleton in a conference call with analysts last night, shortly after all the parties to the deal managed to reach an agreement. Appleton apologised for the lateness of the call but said he wanted to get the news out as quickly as possible. "It is a really solid way to add to the company in a variety of ways."