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Micron proceeds with plan to buy remaining interest in JV with Intel

Micron Technology Inc. exercised its call option to acquire Intel Corp.'s interest in their IM Flash Technologies LLC joint venture, as signaled in October 2018.

Micron still expects to pay about $1.5 billion in cash for the deal, which will close on a date in the next six to 12 months to be chosen by Intel.

Apart from ending Intel's non-controlling interest in the joint venture, the payment will eliminate IM Flash member debt, which stood at $1 billion as of Nov. 29, 2018, on Micron's balance sheet.

Micron maintains that the pending acquisition will have no significant impact on its overall non-GAAP financial results. The company also still does not expect changes to its fiscal 2019 capital expenditures or long-term capital expenditure target.