The deal terms means writing a cheque for $1.5 billion and taking over Intel’s debt to the venture, which was about $1 billion as of 30 August.

Chipzilla and Micron initially contributed about $1.2 billion each to set up IM Flash Technologies in 2006. The outfit makes 3D XPoint used in data centers and high-end computers and the joint venture is already consolidated in Micron’s reported financial statements.

In July, the two chipmakers decided to conclude joint development of 3D XPoint technology and to pursue operations independently. Micron does not anticipate the transaction to impact its financial results or change its fiscal 2019 capital expenditures.

Based on prior agreements, Micron will sell 3D XPoint memory wafers to Intel for up to a year after close. IM Flash will become a wholly-owned subsidiary of Micron after the deal closes.