BOISE -- It's official -- Micron has purchased Japanese memory chip maker Elpida.
It's a deal that makes Micron the second largest DRAM maker in the world.
The announcement is splashed on the Micron website.
The deal officially closed at 9 a.m. Wednesday, which was the close of the business day in Tokyo.
In a statement, Micron CEO Mark Durcan said in part, "This combination will result in enhanced research and development and manufacturing -- and stronger memory product for customers."
Financial planner Dave Petso says this is a big deal for Micron.
"When you consider that the yen has collapsed, in addition to how cheap they were buying this company out of bankruptcy, it's a really good deal for Micron. I'm glad it's closed," said Petso.
Micron's stock price surged Wednesday - gaining more than five percent in regular trading to close at $13.24 a share.
The stock continued to rise in after-hours trading.