A chip maker and memory, storage provider Micron Technology has reached an agreement with Riverwood Capital and TPG Capital to sell a majority interest in its imaging solutions Aptina Imaging Corporation.
Upon the completion of the deal within the next 60 days as expected by the company, Micron is seeing to record a loss around $100 million in the fourth quarter of its fiscal year in connection with the sale.
The agreement will retain a 35 percent minority stake for Micron. The firm also will still continue to manufacture products and provide services for Aptina at its worldwide facilities.
“Launching Aptina as an independent business entity enables Micron and Aptina to focus on their respective core businesses while continuing to maintain a strong relationship with Micron's manufacturing and process development expertise and Aptina's product and market expertise,” said Steve Appleton, Micron Chairman and Chief Executive Officer.
Aptina has led Micron to open its doors for a crisp pictures and video regardless of the application.
“This transaction enables Micron to maintain a strategic investment in a leading company in the imaging industry,” Appleton said.
Aptina will have soon separate financial statements and will no longer be combined with Micron. Riverwood and TPG will contribute significant primary capital to Aptina’s balance sheet.