Intel Corp will sell its stake in two wafer factories to joint-venture partner Micron Technology for USD 600 million and will source its NAND flash from the memory maker.
As part of the deal, Intel will be paid half the amount in cash while the remaining amount will be deposited with Micron, to may be refunded or adjusted against Intel's future purchases.
The transaction is expected to close during the first half of this year, subject to certain conditions, the companies said in a joint statement.
Micron shares were up 3% in premarket trading at USD 8.80, while Intel shares were up marginally at USD 26.95.
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