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Micron buys Numonyx for $1.27 billion

Micron Technology announced late Tuesday that it was acquiring Numonyx Holdings in an all-stock deal worth about $1.27 billion, a move that may help it challenge Samsung and Toshiba.

Numonyx, formed last year from units of STMicroelectronics and Intel, is one of the world’s largest flash memory chip makers.

Micron said in the statement that it would issue 140 million shares to Numonyx shareholders, which include Francisco Partners as well as the two founding companies. The new shares will dilute Micron stock by 15 percent.

[New York Times]