Qimonda ( QI) said Monday it reached an agreement to sell its 35.6% stake in Inotera Memories Inc., a joint venture with Taiwan's Nanya Technology, to Micron Technology ( MU).

Micron will purchase Qimonda's stake in Inotera, a Taiwanese DRAM memory manufacturer, for $400 million in cash in two instalments. Qimonda will receive $200 million for about one-half its holding in about one week, the company said in a statement Monday.

Qimonda said it expects to record a one-time book loss on its investment in Inotera of about 300 million euros.

Germany's Infineon Technologies ( IFX), which owns about 77.5% of Qimonda, said it had held talks with a number of third parties on possibly selling all or a portion of its stake in Qimonda, but the outcome of these talks was uncertain amid weak market conditions, Reuters reports.

Micron said it has obtained $285 million in term loan financing commitments to help fund the purchase.

In the current Qimonda and Nanya partnership, Inotera operates two 300-millimeter wafer fabrication facilities producing a total of 120,000 wafers a month. Under the agreement, Micron said it will acquire access to half of the total manufacturing capacity of Inotera, with the other half allocated to Nanya.

If you liked this article you might like

Jim Cramer: We Are in a Bitter Adjustment Period

Jim Cramer: We Are in a Bitter Adjustment Period

Jim Cramer: We Are Off Fantasy Island and Not Going Back

Jim Cramer: We Are Off Fantasy Island and Not Going Back

Tech Stocks of Strength Amid the Chaos; Deciding When to Jump Back In -- ICYMI

Tech Stocks of Strength Amid the Chaos; Deciding When to Jump Back In -- ICYMI

Cramer: The Case For Diving Back In

Cramer: The Case For Diving Back In