Qimonda (QI) Sells Stake in Inotera Memories to Micron (MU)
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Qimonda AG (NYSE: QI) reached an agreement with Micron Technology (NYSE: MU) to sell its 35.6 percent stake in Inotera Memories Inc., its joint venture with Nanya Technology Corporation, to Micron.
Under the terms of the agreement, Micron has agreed to purchase Qimonda's shares in Inotera for US$ 400 million in cash (approximately Euro 296 million) in two instalments. Qimonda will receive US$ 200 million for about one-half its holding in about one week, by which time Qimonda expects receipt of the governmental approvals and satisfaction of the other customary closing conditions necessary for this step, and the remaining US$ 200 million for the second half once the remainder of the conditions to the final closing of the transaction have been satisfied.
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