Seoul, Korea, April 22, 2002
hynix Semiconductor Inc., ( hynix, www.hynix.com ) today announced the signing of a non-binding memorandum of understanding(MOU) for the sale of its memory business to Micron Technology, Inc. in exchange for approximately 108.6 million shares of Micron common stock.
Micron will invest $ 200 million in hynix in return for a 15% equity stake in hynix’s continuing non-memory businesses. As part of the transaction, Korean lenders will agree to provide U.S. $1.5 billion of long-term debt financing for use by Micron in its Korea-based operations. The MOU is subject to approval by the hynix Creditors Council and the Boards of Directors of hynix and Micron by April 30, 2002.
The transactions will also be subject to successful negotiation of definitive agreements and approvals from a number of parties, including U.S. and European antitrust authorities and the hynix shareholders.
About hynix Semiconductor Inc.
hynix Semiconductor Inc. (hynix) of Ichon, Korea, is an industry leader in the development, sales, marketing and distribution of high-quality semiconductors, including DRAM, SRAM, Flash memory and system IC devices. hynix Semiconductor is one of the world’s leading DRAM supplier with its thirteen semiconductor-manufacturing facilities worldwide and a production capacity of over 300,000 wafer starts per month. In addition, hynix is expanding its system IC business unit with leading technology and added deep sub-micron foundry services to strategically broaden its overall semiconductor presence and achieve its goal of leading the global semiconductor market. hynix maintains worldwide development, manufacturing, sales and marketing facilities.
About Micron Technology, Inc.
Micron Technology, Inc. and its subsidiaries manufacture and market DRAMs, SRAMs, Flash Memory, other semiconductor components, and memory modules. Micron’s common stock is traded on the New York Stock Exchange ( NYSE ) under MU symbol. To learn more about Micron Technology,Inc., visit its web site at www.micron.com.
