Joint Venture between Intel Corporation, STMicroelectronics N.V., and Francisco Partners

Reference:	400/004/07
Notifying Parties:	Intel Corporation and STMicroelectronics N.V.
Notifying Date:	29 August 2007
Summary of transaction:	PART 5 INFORMATION FOR THE CCS PUBLIC REGISTER (TO BE COMPLETED BY THE APPLICANT(S)) 1.                  The Applicants STMicroelectronics N.V. Intel Corporation 2.                  Description of the merger On 22 May 2007, STMicroelectronics (“STM”), Intel Corporation (“Intel”) and Francisco Partners (“FP”), entered into an agreement to create a joint venture which will operate worldwide in the research and development, manufacture, marketing, and sale of flash memory.  Flash memory is a form of nonvolatile memory (“NVM”), a type of semiconductor memory that retains its contents when it is not powered by an electrical charge.  STM will contribute the assets and certain liabilities of its NOR and NAND flash memory business, Intel will contribute the assets and certain liabilities of its NOR flash memory business, and the financial investor FP will contribute cash.  Furthermore, STM will transfer to the joint venture most of its current research and development activities in the field of phase change memory (“PCM”), a future new type of non-volatile memory, and Intel will transfer a significant portion of its PCM assets. STM is a French-Italian group active in the semiconductor industry.  In particular, STM produces one of the industry’s broadest ranges of semiconductor products, from discrete diodes and transistors through complex System-on-Chip (SoC) devices, to complete platform solutions.  Intel is a US-based company that designs, develops, manufactures, and markets microprocessors, chipsets, and other semiconductor components, as well as platform solutions for data processing and communications devices.  FP is a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses.  3.                  Relevant good(s) or service(s) involved Manufacture of Flash Memory, both NOR and NAND Research into PCM
Consultation:	Interested parties are invited to submit their views on the Application. When submitting confidential information, interested parties should take note of the procedures outlined in the CCS Guidelines on Merger Procedures.   Comments should reach the CCS no later than 13 September 2007.  Please write or email your comments (titled: Comments on Intel/STM JV) to:   Post/Courier:           Competition Commission of Singapore 5 Maxwell Road #13-01, Tower Block MND Complex Singapore 069110 Attention: Director (Mergers Unit)   Email:                     ccs_mergers@ccs.gov.sg
Supporting Documents:	Interested third party may request in writing to obtain more information on the transaction.   Please write or email your submission (titled: Request for more information on Intel/STM JV) to the above contact details.
Decision	The proposed joint venture, if carried into effect, will not infringe the section 54 prohibition.
Decision Date:	2 October 2007 Click here for the decision