Micron Technology (NYSE: MU), the biggest maker of memory chips in the U.S., finally signed a deal to acquire Japan's Elpida Memory for $1.75 billion.

The Boise, Idaho-based Micron had been eyeing Elpida since it filed for bankruptcy in February and raised $1 billion via the sale of convertible senior notes in April to finance the takeover. It will pay Elpida's creditors $750 million in cash now, with the remainder in installments.

The move is significant for Micron, because it's one of the largest-ever takeovers of a Japanese company by a U.S. rival. As well, Micron is partnered with Intel (Nasdaq: INTC), the No. 1 chipmaker, in their joint-venture company, IM Flash Technologies, which manufactures flash memory chips needed for portable electronics such as smartphones and tablets.

Micron shares rose nearly 5 percent to $6.62, up 31 cents, in early Monday trading.