FTC giving second look to Intel-ST flash JV

August 30, 2007 – Intel Corp. says it has received a “second request” from the US Federal Trade Commission (FTC) for more information in its regulatory review of the chipmaker’s proposed nonvolatile memory joint venture with STMicroelectronics, and says it doesn’t have a specific closure date for the transaction.

The European Commission already has given its approval for the proposed new company, , saying the transaction “would not significantly impede effective competition.”

The new Switzerland-based company, proposed back in May and recently given the name “Numonyx,” will combine ST’s flash memory assets (including its NAND joint venture interest and other NOR resources) with Intel’s NOR assets and resources (and some extra funding from private equity firm Francisco Partners LP), which together generated sales of about $3.6 billion in 2006. It also will integrate the two firms’ parallel programs on phase-change memory.


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