STMicroelectronics (STM) announced that, together with its partners Intel Corp.(INTC) and Francisco Partners, it has entered into definitive agreement with Micron Technology Inc.,(MU). Under deal, Micron will buy Numonyx Holding B.V. in an all-stock transaction. Pursuant to deal, Micron will issue 140 million shares to Numonyx shareholders, Francisco Partners and Intel and STMicroelectronics NV. Numonyx was created by the three companies in 2008.
According to deal, Micron will issue up to 10 million additional shares if the volume weighted average price of Micron's common stock for the 20 trading days is lower than $9.00 per share. Also at closing, Numonyx will redeem full amount of $450 million term loan, while terminating the guarantee of $225 million debt issued by ST.
Based on current Micron trading price of $9.08 per share, the value of the Micron shares allocated to ST, net of the payable to Francisco Partners, would be about $527 million. The overall consideration would result, at the closing, in a gain for ST of about $280 million, the company said.
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