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On Monday, Micron Technology (NASDAQ: MU ) announced that it has entered into an agreement to sell German specialty semiconductor maker LFoundry its Micron Technology Italia, or MTI, subsidiary, along with all of its semiconductor fabrication facility assets in Avezzano, Italy. Financial terms of the sale were not disclosed, although the parties did say that they expect to close the sale this spring.
As part of the deal, Micron is assigning LFoundry the rights to a four-year supply agreement whereby MTI supplies CMOS camera-chip maker Aptina Imaging with image sensors. LFoundry will also receive a restricted technology license to manufacture the chips.
Micron is itself a shareholder of Aptina, along with private-equity firms Riverwood Capital, TPG Capital, and Walden International.
Micron shares declined 1.1% in Monday trading, closing at $7.93.