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February 8, 2010

Micron to acquire Numonyx for $1.27bn

To boost its presence in the flash-memory market

By CBR Staff Writer

Micron Technology has agreed to acquire privately held Numonyx in an all-stock transaction valued at approximately $1.27bn.

Under the terms of the agreement, Micron will issue 140 million Micron common shares to Numonyx shareholders, Intel , STMicroelectronics, N.V. and Francisco Partners.

Up to 10 million additional Micron common shares will be issued ratably to Numonyx shareholders to the extent the volume weighted average price of Micron shares for the 20 trading days, ending two days prior to the close of the transaction, ranges between $7.00 and $9.00 per share.

Micron said that the transaction strengthens its position in the flash memory market, with a portfolio of DRAM, NAND and NOR memory products. . It also expects to gain increased manufacturing scale globally and access to Numonyx’s customer base, providing opportunities to increase multi-chip offerings in the embedded and mobile markets.

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Steve Appleton, Chairman and CEO of Micron,said: Acquiring Numonyx brings together two memory leaders and positions Micron to offer the most comprehensive, cost-competitive offerings in the industry to a broad range of customers and end-markets.”

The transaction is subject to regulatory review and other customary closing conditions and is currently anticipated to close within three to six months.

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