Intel, STMicroelectronics, and Francisco Partners have unveiled the company name of "Numonyx" for the pending independent semiconductor company announced on May 22. Numonyx, being created from the key assets of businesses that last year generated approximately US$3.6 billion in combined annual revenue, will focus on supplying non-volatile memory solutions for a variety of consumer and industrial devices including cellular phones, MP3 players, digital cameras, computers and other high-tech equipment, Intel stated in a press release
Playing off the word "mnemonics" -the art of assisting or improving memory-Numonyx is expected to complete its transaction, subject to regulatory approvals and customary closing conditions, in the second half of 2007. As previously announced, the new entity will have its headquarters in Switzerland, Intel indicated.
Under the terms of the agreement of the new company, STMicroelectronics sold its flash memory assets, including its NAND joint venture interest and other NOR resources, to the new company while Intel sold its NOR assets and resources. In exchange, Intel will receive a 45.1% equity ownership stake and STMicroelectronics will receive a 48.6% equity ownership stake. Francisco Partners, ahas a 6.3% ownership interest, according to a previous company press release.
Article edited by Michael McManus
