Micron Technology (MU) Snatches Up Numonyx

Idaho-based memory-chip maker Micron Technology, Inc. (NASDAQ: MU) intends to acquire chip maker Numonyx, according to an announcement posted by the company on Tuesday evening. The all-stock deal has an estimated value of $1.27 billion.

Micron says 140 million newly-issued shares of MU will be dispersed to current shareholders of Numonyx, though up to an additional 10 million Micron shares could be issued to the same parties, depending on where MU shares are priced between now and the time of the deal's closing.

Pending regulatory approval of the acquisition, the deal is expected to close within three to six months. The acquisition is anticipated to begin contributing to Micron's revenue and income beginning in 2011.