Powerchip shares jump after Micron moves to buy Taiwan fab for $1.8 billion

TAIPEI: Shares of Taiwan’s Powerchip Semiconductor Manufacturing Corp rose nearly 10% on Monday, after U.S. memory chipmaker Micron Technology said it would buy a fabrication plant from the company.

Micron Technology said on Saturday it had ‌signed a letter ‌of intent to acquire Powerchip’s P5 fabrication site in Tongluo, Miaoli County, Taiwan, for $1.8 billion in cash.

Powerchip is one of ‌Taiwan’s major semiconductor foundries and produces both legacy chips and memory chips.