BOISE, Idaho (AP) -- Memory-chip maker Micron Technology Inc. has agreed to buy Elpida Memory Inc. for approximately $750 million in cash in a deal that would boost its wafer manufacturing capacity by about 50 percent.
Elpida specializes in dynamic random access memory chips used in mobile phones and computers. It has been developing a plan of reorganization since filing for the largest manufacturing bankruptcy ever in Japan earlier this year.
The companies said Monday that the total value of the deal is about $2.5 billion. That includes about $1.75 billion in future annual installment payments that Micron would make through 2019.
Micron Technology shares rose 29 cents, or 4.6 percent, to $6.60 in premarket trading.