Semiconductor giant Micron Technology agreed to acquire Lexar Media, a maker of flash memory products, in a stock deal worth an estimated 688 million dollars.

The deal calls for a swap of 0.5625 shares of Micron stock for each Lexar share.

Based in Fremont, California, Lexar makes flash memory products including memory cards, USB flash drives, card readers and other items for consumer electronics and industrial applications.

Micron, based in Boise, Idaho, makes a variety of semiconductor and memory products.

The merger is aimed at getting a bigger piece of the market for NAND flash memory, which is used in iPods, MP3 players and other electronic devices.

The deal is "designed to combine Micron's technology and manufacturing leadership in NAND flash memory with Lexar's leadership in NAND controller and system design technology," a statement from the two firms said.