STMicroelectronics, Numonyx, Micron Technology

STMicroelectronics Completes the Sale of Numonyx to Micron Technology

News Release from: STMicroelectronics
10 May 2010

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:

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.