LONDON – In another step towards the completion of the previously announced take-over of troubled memory IC maker Elpida by Micron, the deal has been cleared by Japan's Fair Trade Commission.
The transaction has also cleared premerger reviews in the United States, the Czech Republic and South Korea, Micron Technology Inc. (Boise, Idaho) said.
The two companies reached agreement on a $2.5 billion deal for Micron to acquire Elpida Memory Inc. (Tokyo, Japan) in June 2012 after Elpida had filed for bankruptcy protection earlier in the year. The deal includes $750 million to pay off a fraction of Elpida's debts at closing and another $1.75 billion to be paid in annual installments through 2019 to satisfy the claims of Elpida's creditors.
The closing of the transaction remains subject to other conditions, including approval by Elpida creditors, the Tokyo District Court and regulatory approvals in other countries, and is expected to be completed in the first half of calendar 2013.
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