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Micron’s $1.8 billion acquisition boosts Powerchip shares

 

By Wen-Yee Lee

TAIPEI, Jan 19 (Reuters) – Shares of Taiwan’s Powerchip Semiconductor Manufacturing Corp rose nearly 10% on Monday after U.S. memory chipmaker Micron Technology said it would buy a fabrication plant from the company.

Micron Technology on Saturday said it had signed a letter of intent to acquire Powerchip’s P5 fabrication site in Tongluo, Miaoli County, Taiwan, for $1.8 billion in cash.

(Reporting by Wen-Yee Lee; Editing by Tom Hogue)

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