Micron Technology is buying Intel's stake in two factories for $600 million, gaining more ownership and control over their joint venture in chips used to store data in mobile phones and tablets.

Intel will receive half the amount in cash for its share of the wafer plants in Singapore and Manassas, Va., according to a statement Tuesday. The remaining $300 million will be deposited with Boise-based Micron to go toward future purchases.

Shares of Micron, the largest U.S. maker of computer-memory chips, rose the most in two months Monday after Japanese rival Elpida Memory Inc. filed for bankruptcy. Analysts, including Kevin Cassidy at Stifel Nicolaus & Co., have said Micron may acquire some of Elpida's facilities and convert them to produce NAND flash chips.

"This is $300 million in cash coming out of Micron, so it's $300 million they won't use for something else," Cassidy said. The conversion of Elpida's facilities to produce NAND flash memory "could cost several hundred million dollars and take a year."

Micron said in December it had about $1.9 billion in cash at the end of the most recent quarter.

Intel and Micron formed the joint venture, IM Flash Technologies, in 2006, investing $1.2 billion each in cash, notes and assets, according to Reuters.

Micron will continue to supply Intel with NAND chips, which are used to store media and other files in devices such as Apple's iPhone and iPad and are increasingly being used in computer storage to replace hard disk drives.

"Micron is going to get as much as a 30 percent more capacity from the deal and they would now be able to sell a significant portion of this back to Intel at an incremental profit," Raymond James analyst Hans Mosesmann told Reuters.

The chipmakers also will expand their NAND flash development program to include emerging technologies. Their jointly owned plant in Lehi, Utah, will continue to operate "with minimal changes," the companies said.

Micron stock, which has fallen 20 percent in the past year, settled Tuesday at $8.88, up 3.7 percent.

Intel shares rose 1.3 percent, to $27.24, extending its gain to 27 percent in the last year. Though based in Santa Clara, Calif., the company's largest and most complex operations are in Washington County. It employs more than 16,250 in the state.

-- Bloomberg News