Nanya says size of Micron investment to be determined in early November

October 11, 2016 5:56 AM EDT

The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach


Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.

TAIPEI (Reuters) - Taiwanese chipmaker Nanya Technology Corp on Tuesday said the number of Micron Technology Inc shares it will buy in an up to T$31.5 billion ($1 billion) private placement will be decided by its U.S. partner around early November.

President Pei-ing Lee, at a news briefing with Nanya-Micron joint venture Inotera Memories Inc, said Micron has yet to determine the price of shares and size of the investment.

A maximum $1 billion investment would give Nanya around 5 percent of Micron, according to a Reuters calculation based on Micron's current share price of around $17.50.

The investment would be part of Micron's restructuring of its Taiwanese operations. In late 2015, Micron said it would sell shares and license technology to Nanya as part of a deal to buy full control of Inotera. [nWNAB09EXD] [nGNXMIVXOa]

Trading of shares in Inotera, which manufactures chips for Micron, will end on Nov. 30 ahead of delisting on Dec. 6, said Lee, who is also Inotera's chairman.

(Reporting by J.R. Wu; Editing by Christopher Cushing)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Add Your Comment