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Micron's Inotera Buy Delayed
SAN FRANCISCO—U.S. memory chip maker Micron Technology Inc. said Wednesday (June 8) the timeframe for its acquisition of Inotera Memories Inc. has been pushed back beyond the original target date of next month.
Micron's $4 billion deal to buyout partner Nanya Technology Corp. and take 100% control of the Taiwanese DRAM joint venture was initially expected to close in mid July. But Micron (Boise, Idaho) said Wednesday that the two parties have concluded that closing the transaction on this timeframe is not possible.
Micron announced in late 2015 it would acquire Nanya's roughly two-thirds stake in Inotera in a cash and stock deal worth about $4 billion. Micron already owns about 33% of Inotera and buys 100% of the JV's DRAM production.
Micron declined to provide more information about what is holding up the deal.
DRAM pricing has been under pressure for more than a year. First quarter DRAM sales declined 16.6% compared with the fourth quarter of 2015, due mainly to oversupply and declining average selling prices, according to the DRAMeXchange, a unit of market research firm TrendForce.
Micron said it would provide an update on the acquisition later this year.
—Dylan McGrath covers the semiconductor industry for EE Times.