PRESS RELEASE: Micron Announces Agreement to Acquire Numonyx

Micron Technology, Inc. /

10.02.2010 01:51

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Transaction Broadens Product Portfolio, Expands Manufacturing and Development
Scale and Increases Customer Reach

BOISE, Idaho and GENEVA, Feb. 9, 2010 (GLOBE NEWSWIRE) -- Micron Technology,
Inc. (Nasdaq:MU), and Numonyx Holdings B.V. announced today that the companies
have signed a definitive agreement under which Micron has agreed to acquire
privately held Numonyx in an all-stock transaction valuing Numonyx at
approximately $1.27 billion USD.

Under the terms of the agreement, Micron will issue 140 million Micron common
shares to Numonyx shareholders, Intel Corporation, 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.

The transaction further strengthens Micron's position as one of the world's
leading memory companies, with a broad portfolio of DRAM, NAND and NOR memory
products and strong expertise in developing and supporting memory system
solutions. Micron would also gain increased manufacturing scale globally and
access to Numonyx's customer base, providing significant opportunities to
increase multi-chip offerings in the embedded and mobile markets.

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

'We believe the opportunity for Numonyx to join with Micron will deliver a
clear advantage for our customers and our employees,' said Brian Harrison,
President and CEO of Numonyx. 'This announcement is a strong testimony to the
value of Numonyx technologies, products and people. The result will be a strong
company that can best serve our target market segments and customers by
delivering enhanced memory solutions, strength and scale. It is good for
Numonyx and good for Micron.'

Micron currently estimates that the transaction would be accretive to the
company on both free-cash flow and non-GAAP earnings beginning fiscal year
2011. In addition, it is anticipated that the Numonyx balance sheet will be
debt-free following closing.

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

Conference Call Details

Micron will host a conference call today at 6:00 p.m. MST to discuss the
transaction. The call, audio and slides will be available online at
http://www.micron.com/investors/conference. A webcast replay will be available
on the company's web site until Feb. 9, 2011. Information regarding the taped
audio replay of the conference call will also be available on www.micron.com
beginning at 9:00 p.m. MST.

About Micron

Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets DRAMs, NAND flash memory, other semiconductor components, and
memory modules for use in leading-edge computing, consumer, networking, and
mobile products. Micron's common stock is traded on the NASDAQ under the MU
symbol. To learn more about Micron Technology, Inc., visit www.micron.com.

The Micron Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6950

About Numonyx

Numonyx provides a full complement of integrated NOR, NAND, RAM and Phase
Change non-volatile memory technologies and products to meet the increasingly
sophisticated needs of customers in the cellular, data and embedded markets.
Numonyx is dedicated to providing high density, low power memory technologies
and packaging solutions to a global base of customers. Additional information
about Numonyx is available at www.numonyx.com.

Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All
other trademarks are the property of their respective owners.

This press release contains forward-looking statements regarding the impact of
the acquisition on Micron's results and operations and the timing of the
closing. Actual events or results may differ materially from those contained in
the forward-looking statements. Please refer to the documents Micron files on a
consolidated basis from time to time with the Securities and Exchange
Commission, specifically Micron's most recent Form 10-K and Form 10-Q. These
documents contain and identify important factors that could cause the actual
results for Micron on a consolidated basis to differ materially from those
contained in our forward-looking statements (see Certain Factors). Although we
believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements.

CONTACT: Micron Technology
Daniel Francisco
208-368-5584
dfrancisco@micron.com

Numonyx B.V.
Mark Miller
916-380-2090
mark.miller@numonyx.com

Intel Corporation
Chuck Mulloy
408-765-3484
cmulloy@intel.com

Francisco Partners
Tom Ludwig
415-418-2930
ludwig@franciscopartners.com

News Source: NASDAQ OMX

10.02.2010 01:51 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
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Language: English
Company: Micron Technology, Inc.

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ISIN: US5951121038
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