Intel and STMicro memory JV approved
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Intel Corp and STMicroelectronics won permission from the European Commission on Monday to spin off and combine their flash memory units, backed by private equity firm Francisco Partners.
Under the terms of the transaction, STMicro, Europe’s leading chipmaker, will sell its flash memory assets to the newly formed company. Intel, the world’s top semiconductor group, will sell its NOR flash memory assets and resources. In exchange, Intel will get a 45.1 percent stake and a $432 million cash payment, while STMicro receives a 48.6 percent holding and $468 million in cash.
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