Micron (NASDAQ:MU) stock is climbing Tuesday following the company’s completion of its deal to acquire Inotera Memories.
The chip maker agreed to acquire the remaining 67% of shares of the Taiwanese company in a deal valued at around $3.2 billion, including cash and debt.
“[The acquisition] enables Micron to realize the full financial and operational benefit of Inotera’s operations and provides a strong future for Inotera and its employees, who will become an even more critical part of Micron’s success,” CEO Mark Duncan said.
As part of the deal, Inotera shareholders will receive 92 cents for each Inotera share.
MU stock is up 4.7% Tuesday.
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