Micron to buy-out Intel's IM Flash

Micron Technology has announced that it is exercising its right to purchase Intel’s interest in their joint venture, IM Flash Technologies (IM Flash).

This comes after the announcement that was made back in July 2018 that the two companies had agreed to conclude their joint development of 3D XPoint technology after the completion of the second-generation node.

"The IM Flash acquisition will enable Micron to accelerate our R&D and optimise our manufacturing plan for 3D XPoint,” said Micron Technology President and CEO Sanjay Mehrotra. “The Utah-based facility provides us with the manufacturing flexibility and highly skilled talent to drive 3D XPoint development and innovation, and to deliver on our emerging technology roadmap.”

Micron anticipates that the pending acquisition will have no meaningful impact on its financial results and said that it saw no changes to the company’s fiscal 2019 capital expenditures or long-term capital expenditure target.

Micron said that it expects to pay approximately $1.5billion in cash for the transaction.