Qimonda AG (NYSE: QI) announced today that it has reached an agreement
with Micron Technology, Inc. to sell its 35.6 percent stake in Inotera
Memories Inc., its joint venture with Nanya Technology Corporation, to
Micron.
Under the terms of the agreement, Micron has agreed to purchase Qimonda’s
shares in Inotera for US$ 400 million in cash (approximately Euro 296
million) in two instalments. Qimonda will receive US$ 200 million for
about one-half its holding in about one week, by which time Qimonda
expects receipt of the governmental approvals and satisfaction of the
other customary closing conditions necessary for this step, and the
remaining US$ 200 million for the second half once the remainder of the
conditions to the final closing of the transaction have been satisfied.
According to the agreement, Qimonda’s share of
Inotera’s capacity will be ramped down over
the eight months following the closing.
Press Conference Call
Qimonda will host a press conference call today at 10:00am CET. The
dial-in phone number for participation is +49 (0)69 40359 684.
Analysts Conference Call
The company will host a conference call today at 7:45am EST, 4:45am PST,
12:45pm GMT, and 1:45pm CET. An audio webcast replay will be available
for a limited time on the company’s web site.
An audio replay of the conference call will also be available at phone
number +1 718 354 1112 (US), +44 (0)20 7806 1970 (UK), +49 (0)69 22222
0418 (Germany), +81 (0)3 3570 8212 (Japan), pass code: 4226943#,
beginning at 9:45am EST today and continuing until 5:59pm EST on October
16, 2008.
About Qimonda
Qimonda AG (NYSE: QI) is a leading global memory supplier with a broad
diversified DRAM product portfolio. The company generated net sales of
Euro 3.61 billion in financial year 2007 and had approximately 13,500
employees worldwide. Qimonda has access to four 300mm manufacturing
sites on three continents and operates six major R&D facilities. The
company provides DRAM products for a wide variety of applications,
including in the computing, infrastructure, graphics, mobile and
consumer areas, using its power saving technologies and designs. Further
information is available at www.qimonda.com.
Disclaimer
This press release contains forward-looking statements based on
assumptions and forecasts made by Qimonda management and third parties.
Statements that are not historical facts, including statements about our
beliefs and expectations, are forward-looking statements.
