Micron Technology has announced that they have entered into a sponsor agreement to acquire Elpida Memory, Inc. for ¥60 billion ($750 million). Under the agreement Micron assumes all of Elpida’s assets, including its 65% stake in another chip manufacturer, Rexchip. Between the Elpida acquisition and a separate purchase of Powerchip’s 24% stake in Rexchip, Micron gains an 89% stake in Rexchip.

Of course, Micron also inherits Elpida’s financial troubles. Elpida has struggled badly in recent months, and in February the company filed for bankruptcy protection on the $1.89 billion it had coming due in April. According to Micron’s press release, this acquisition will “enable stable payment of creditor claims and help to streamline approval of the reorganization plan by the creditors and the Tokyo District Court.”

Elpida is a one of the world’s leading manufacturers of Dynamic Random Access Memory (DRAM), and is a major supplier of DRAM chips to Apple. Elpida’s chips go in some of Apple’s most popular products, including the new iPad and the iPhone 4S.