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Apple has bought Israeli flash-memory co. Anobit
Apple Inc. spokesman Steve Dowling said that Apple buys smaller tech companies from time to time, but generally does not give a reason why or say what it plans to do with them. The company did not say how much it paid for Anobit.
Flash memory is used in digital devices such as cameras and music players. It’s lighter and more durable than memory used in computer hard drives, though it stores less information. Apple’s iPhone, iPad and MacBook Air, which don’t have hard drives, rely on flash memory.
Owning the manufacturer guards Apple against supply constraints in the industry and allows the company to customize the technology so it works more smoothly with the iPhone and other devices.
Israeli publication Calcalist reported in December that Apple was in talks to buy Anobit. Apple made the acquisition to secure intellectual property and for a competitive edge in flash products and pricing, said Jefferies analyst Peter Misek in a research note last month.
Anobit could not be reached for comment after business hours in Jerusalem Wednesday.
Bloomberg reported earlier that Apple had confirmed the deal.
Shares of Apple, which is based in Cupertino, Calif., fell $1.83 to $421.41 in late afternoon trading.
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