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Monday, October 13, 2008
Micron Strengthens Its Partnership With Nanya

Micron Technology is expanding its partnership with Nanya Technology Corporation and signing a definitive agreement to acquire Qimonda AG?s 35.6 percent ownership stake in Inotera Memories, Inc., a Taiwanese DRAM memory manufacturer, for $400 million in cash.

To help fund the purchase price, Micron has obtained $285 million in term loan financing commitments from strategic sources at favorable terms.

In the current Qimonda and Nanya partnership, Inotera operates two 300 millimeter wafer fabrication facilities producing a total of 120,000 wafers per month. Under the agreement, Micron will acquire access to half of the total manufacturing capacity of Inotera, with the other half allocated to Nanya. Micron will also share its Stack DRAM technology with Inotera for the production of Stack DRAM products for Micron and Nanya.

"This new relationship with Inotera will increase Micron?s competitiveness by further leveraging our current MeiYa joint venture with Nanya," said Steve Appleton, Micron Chairman and CEO. "Micron will gain greater scale in DRAM, reduce our operating expenses per wafer and have access to a very cost competitive operation."

The transaction will be completed in two stages, with Micron purchasing half of Qimonda?s stake, or about 18 percent of Inotera, for $200 million in cash within approximately the next week ? subject to certain government approvals and other customary conditions. The remaining approximate 18 percent stake in Inotera will be acquired upon receipt of Taiwan Federal Trade Commission approval and other customary conditions.

Following the acquisition, Qimonda's share of Inotera's capacity will be ramped down over a period of months. In conjunction with the acquisition, Micron anticipates entering into a series of agreements with Nanya to restructure the previously announced MeiYa joint venture, taking into account its new relationship with Nanya in Inotera.

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