Nanke announced a deal to buy Micronets chipmaker Micron Technology in a deal that will net it $1 billion in cash.
The transaction, which includes a commitment to Micronett, was announced today at a news conference at the company’s headquarters in San Jose, California.
Micron Technologies will continue to operate as Micron Inc., the parent company of MicronETech, the company said in a statement.
The acquisition was expected, with Micron ETech CEO and president Michael Schmitt announcing that Micron will begin its own turnaround.
Microns chip-making business is the third-largest chipmaker in the world, with sales of about $5.6 billion a year, and it has a long track record of making chips for major technology companies like Microsoft, Apple, Qualcomm and Intel.
The deal comes after Micron launched a new line of its Micron technology last year, which combines the ability to use a variety of semiconductor processes to make chips.
Micons technology has a strong track record, and the company was the first chipmaker to use the new technology in the Intel Atom chip in 2010.
Micron has also become a leader in the field of AI and machine learning, and its technology has helped to transform the way mobile devices work, including for smart homes, and is expected to help other industries including healthcare and security.
The move comes as Intel is preparing to launch its own AI-based chip, which is expected in the third quarter of this year.
The chip maker has been working to improve AI performance in its chips, and will begin offering that AI-powered technology in some of its consumer-facing products, including its new laptop and desktop computers.
In addition, Micron is also working on a new generation of its high-speed data communications, which are designed to enable the company to build its own wireless network and to work with third-party providers.
The company has said it plans to offer gigabit speeds on its networks.
The transaction was announced at the same time as the company announced it would add 10 new jobs at its headquarters in Silicon Valley.
Micrones chip-maker Microns Technologies has more than 300 employees at its offices in San Francisco and its headquarters are in Irvine, California, and are responsible for the development and manufacturing of high-performance, chip-based semiconductors, chips, logic, processors, and related hardware and software.
Micron, which employs more than 4,000 people worldwide, has a market value of $1,846 billion and employs nearly 5,000 staff worldwide.
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