Micron Technology to Buy All of Inotera

Micron Technology, an American maker of memory chips, said it will buy the remaining 67% of shares in Taiwan's Inotera Memories that it doesn't already own in a deal valued at $3.2 billion, net of cash and debt. Boise, Idaho-based Micron currently purchases all of Inotera's output of computer memory chips known as dynamic random access memory. "The acquisition is the culmination of a highly successful seven year partnership with Inotera," Micron Chief Executive Mark Durcan said in a statement. Micron will purchase all the remaining shares of Inotera for 30 New Taiwan dollars (US$0.92) a share, a 30% premium to Inotera's Monday closing price of 23 New Taiwan dollars. It said it would fund the acquisition with $2.5 billion in debt, up to $1 billion in Micron equity to Nanya Technology Corp. and cash from its balance sheet. Inotera had $900 million in net cash at the close of the quarter ended Sept. 30. Formosa Group companies, including Nanya Technology, own about 32% of Inotera. Write to Anjie Zheng at Anjie.Zheng@wsj.com