Micron Announced $10 Billion Share Repurchase Authorization

Micron Technology, Inc. announced at its Analyst and Investor Event in New York City that its board of directors has authorized the discretionary repurchase of up to $10 billion of its outstanding common stock, in conjunction with newly announced plans to return at least 50% of free cash flow to stockholders beginning in fiscal 2019.

“The data-driven economy will transform nearly every industry, and drive secular growth in demand for memory and storage. Micron is exceptionally well positioned to capitalize on these opportunities and deliver strong business performance and robust free cash flow,” said Sanjay Mehrotra, president and CEO. “Our business results have dramatically strengthened Micron’s balance sheet and this stock buyback program emphasizes our ongoing commitment to enhancing shareholder value.”

Micron may purchase shares on a discretionary basis, through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and firm’s ongoing determination that it is the best use of available cash. The repurchase authorization does not obligate the company to acquire any common stock.