Micron is to buy Texas Instruments' DRAM memory business in a complicated deal worth approximately #800 million (#491 million). TI will cut 3,500 jobs due to the restructuring involved. Micron will acquire all of TI's memory assets including its shares in joint ventures, in return for stock and options, and will also assume TI's debts from its Italian DRAM operations.
Micron will also receive $750 million (#460 million) from TI to "facilitate the deployment of Micron's technology throughout the business". The two companies also agreed on a 10-year royalty-free patent cross-licence pact starting in 1999, although TI will retain ownership of its semiconductor patents.
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