Micron Technology Inc. on Wednesday said it has acquired Lexar Media Inc. in a stock-for-stock merger that's expected to strengthen Micron's flash memory business.

Under the deal, Micron, based in Boise, Idaho, would issue 0.5625 share for each share of Lexar common stock. Based on Micron's Tuesday closing price, the deal was worth $688 million, according to the Reuters news agency. The merger is expected to be completed by the end of the third quarter, pending approval by regulators and Lexar stockholders.

The merger would improve Micron's standing in the NAND flash memory industry, adding Fremont, Calif.-based, Lexar's controller and system design technology, brand recognition and retail channel strength to Micron's technology and manufacturing assets.

"With this acquisition, Micron will have a complete package of NAND memory solutions for our customers," Steve Appleton, Micron chairman, chief executive and president, said in a statement.