STMicroelectronics, Intel and Francisco Partners have agree to extend the deadline for the launch of their flash-memory joint venture. Numonyx, which was supposed to have been launched by the end of this year has been resecheduled for 28 March.
In a filing with the U.S. Securities and Exchange Commission, Intel said the parties have re-negotiated the commitment letter which originally called for certain lenders to provide up to US$1.55 billion to finance Numonyx.
Under the revised financing terms, Geneva-based chip maker STMicroelectronics will provide $364 million to the joint venture with a 48.6 percent stake of Numonyx. Francisco Partners will invest $150 million in exchange for a 6.3 percent equity stake, according to STMicroelectronics.
The three companies originally announced the joint venture on 22 May and said the deal would close in the second half of 2007. Numonyx is aimed at supplying NOR and NAND memory for consumer and industrial products including cell phones, digital cameras, PCs and other equipment.