May 21, 2018 / 9:17 PM / 7 months ago

Micron to buy back up to $10 bln of shares

May 21 (Reuters) - Memory chipmaker Micron Technology Inc said on Monday it would buy back up to $10 billion of its shares, in conjunction with its newly announced plans to return at least 50 percent of free cash flow to stockholders from fiscal 2019.

The buyback represents about 16 percent of Micron's market capitalization of $62 billion.

Separately, the company announced a deal with Intel Corp to produce and ship the world's highest-density 3D NAND flash memory chip.

Shares of Micron were up 3.3 percent at $57.33 in extended trading. (Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva)

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