Micron To Pay $1.27 billion In Stock For Numonyx (MU)

Micron Technology (NASDAQ: MU) has announced its decision to buy privately held memory chip maker Numonyx for $1.27 billion. The entire value of the deal is payable in stock. Numonyx was created by Intel Corp., STMicroelectronics and Francisco partners in 2008.

Under the deal, Micron (MU) will issue 140 million shares to the three companies. The deal is expected to help Micron in increasing its market share. Micron chief executive Steve Appleton said that the deal will boost Micron’s efforts to diversify its business. Numonyx specializes in mobile memory.