Here's the latest in the world of mergers and acquisitions. Micron Technology has announced that it has acquired Lexar Media in a stock-for-stock merger.

The merger will give the company a better foothold in the ultra-competitive NAND flash market:

The acquisition will strengthen Micron’s position in the NAND flash business and enable the company to deliver innovative NAND flash solutions from design, development and manufacturing to marketing and sales of products to worldwide consumers and device manufacturers. The merger is designed to combine Micron’s technology and manufacturing leadership in NAND flash memory with Lexar’s leadership in NAND controller and system design technology, brand recognition and retail channel strength to create a vertically integrated entity fully focused on the NAND business.

Per the agreement, each outstanding common share of Lexar will receive 0.5625 shares of Micron stock. Micron will issue shares in exchange for 81.6 million outstanding Lexar shares.