STMicroelectronics Completes the Sale of Numonyx to Micron Technology

GENEVA, Switzerland, May 7 /PRNewswire-FirstCall/ -- Following the announcement today by Micron Technology of the closing of its acquisition of Numonyx Holdings B.V., STMicroelectronics (NYSE: STM) announced that in connection with the sale of its 48.6% stake in Numonyx, ST has received the following consideration:

• 66.88 million shares of Micron common stock which will be dealt as a financial investment. At yesterday's Micron's share price, the value of the shares is $585.2 million A substantial portion of such Micron shares is hedged; and
• future full ownership of the Numonyx M6 facility in Catania, Italy, which ST has committed to contribute to a new photovoltaic joint initiative among Enel, Sharp and ST.

• In connection with the transaction, ST has a payable of $77.8 million due to Francisco Partners at the end of the shares lock-up period. 

Also, at closing of this transaction the senior credit facility that is supported by ST's guarantee of $225 million has been repaid in full.

Based on yesterday's Micron closing share price of $8.75 per share, the transaction results in an estimated gain after tax of approximately $245 million to be reported in ST's fiscal second quarter Income Statement.

About STMicroelectronics

STMicroelectronics is a global leader serving customers across the spectrum of electronics applications with innovative semiconductor solutions. ST aims to be the undisputed leader in multimedia convergence and power applications leveraging its vast array of technologies, design expertise and combination of intellectual property portfolio, strategic partnerships and manufacturing strength. In 2009, the Company's net revenues were $8.51 billion. Further information on ST can be found at www.st.com. 

SOURCE STMicroelectronics