Reuters: Bankruptcy News: UPDATE 1-Micron to buy Elpida Memory for $750 mln

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UPDATE 1-Micron to buy Elpida Memory for $750 mln Jul 2nd 2012, 11:03 Mon Jul 2, 2012 7:03am EDT July 2 (Reuters) - Micron Technology Inc will buy failed Japanese chipmaker Elpida Memory Inc for about $750 million in cash. Under the agreement, Micron will also pay Elpida's creditors about $1.75 billion in future annual installments through 2019, the companies said in a statement. Micron will also buy a 24 percent interest in Taiwan-based Rexchip Electronics from Powerchip Technology for $334 million. Elpida owns about 65 percent of Rexchip. By acquiring Elpida, Micron will become the second-biggest maker of DRAM memory chips used in personal computers after Samsung Electronics, according to U.S. technology research firm IHS iSuppli. Elpida, which also makes chips used in smartphones and tablets, has been searching for an investor to sponsor its restructuring after filing for bankruptcy protection in February with 448 billion yen ($5.61 billion) in liabilities. The transactions are subject to certain conditions, including approval by Elpida creditors, the Tokyo District Court, and other antitrust approvals.

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