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Micron Technology Reaches Agreement with Riverwood Capital and TPG Capital to Sell Aptina Imaging Corporation

Posted by Dana in June 3rd 2009

Micron Technology, Inc. (NYSE: MU) announced that it has signed an agreement to sell a majority interest in its imaging solutions business, Aptina Imaging Corporation, to Riverwood Capital and TPG Capital. As part of the agreement, Micron will retain a 35 percent minority stake in the independent, privately held company. Riverwood and TPG will also contribute significant primary capital to Aptina’s balance sheet, and Micron will continue to manufacture products and provide services for Aptina at its worldwide facilities. After the transaction is completed, Micron expects to record a loss approximating $100 million in the fourth quarter of its fiscal year in connection with the sale, and Aptina’s separate financials will no longer be consolidated in Micron’s financial statements. The transaction is expected to be completed in the next 60 days.