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.

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