Micron will pay $1.5 billion for the stake and will assume responsibility for $1 billion debt owed by Intel to the jv.

Each company originally put in about $1.2 billion to found the jv in 2006.

“Micron’s acquisition of IM Flash demonstrates our strong belief that 3D XPoint technology and other emerging memories will provide a unique differentiator for the company and be an essential solution for new data-hungry applications,” says Micron CEO Sanjay Mehrotra.

Three months ago, in July, the two companies decided to go their own separate  ways on 3D XPoint though Micron is committed to supply 3D XPoint wafers to Intel for up to a year from the end  of the deal.