Memory chipmaker Micron Technology, Inc. (MU) said Friday that the Japan Fair Trade Commission has cleared Micron's previously announced acquisition of bankrupt Japanese chipmaker Elpida Memory, Inc. (ELPDF.PK).
Clearance under Japan's Act on Prohibition of Private Monopolization and Maintenance of Fair Trade (Act No. 54 of April 14, 1947) satisfies one of the conditions necessary for consummation of the deal.
The deal has already cleared premerger review in the United States, Czech Republic and Korea.
The closing of the deal remains subject to other conditions--including approval by Elpida creditors, the Tokyo District Court and regulatory approvals in other countries--and is expected to be completed in the first half of calendar 2013.
Elpida's proposed reorganization plan was submitted to the Tokyo District Court on Aug. 21, 2012, and the Tokyo District Court's approved the submission of Elpida's proposed reorganization plan to creditors on October 31, 2012.
In July, Micron agreed to buy and support Elpida for a total consideration of 200 billion yen or $2.5 billion.
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