Taiwanese chipmaker Nanya Technology Corp said it will purchase $1billion of Micron Technology, Inc. (NASDAQ:MU) shares in a private placement in November.
President Pei-ing Lee of Nanya Technology has stated that Micron hasn’t decided the price of shares and the size of the investment. A maximum of $1billion invested would give Nanya about 5 percent of Micron according to Reuters via the current price of $17.50.
This investment would be a part of Micron’s restructuring of its Taiwanese operations. Inotera, chip manufacturer for Micron will cease on November 30th ahead of delisting on December 6th, said Lee who is also Inotera’s chairman. Late 2015, Micron stated it would sell shares and license technology to Nanya as part of a deal to purchase full control of Inotera.