LONDON — An expected move by STMicroelectronics NV and Intel Corp. to create a flash memory joint venture has been announced with an assist from private equity firm Francisco Partners LP(Menlo Park, Calif.).

The move is due to see 8,000 employees move to a new, but as yet unnamed, Swiss-headquartered joint-venture in NOR and NAND flash memory that will also encompass developments in chalcogenide phase-change memory.

For Intel (Santa Clara, Calif.) and STMicroelectronics (Geneva, Switzerland) flash memory mainly includes the NOR variety of nonvolatile memory, often used for program storage in mobile equipment. Intel has a NAND flash memory joint-venture with Micron Technology Inc. (Boise, Idaho) called IM Flash Technologies Inc.

The new company would combine R&D, manufacturing and marketing assets drawn from Intel and STMicroelectronics businesses which last year generated approximately $3.6 billion in combined annual revenue.

Under the terms of the agreement STMicroelectronics will sell its flash memory assets, including its share in a Chinese joint-venture with Hynix Semiconductor Inc. and other NOR resources, to the new company while Intel will sell its NOR assets and resources.

In return Intel gets a 45.1 percent equity ownership stake and a $432 million cash payment at close. STMicroelectronics is due to receive a 48.6 percent equity ownership stake and a $468 million cash payment at close. At the same time Francisco Partners will invest $150 million in cash for convertible preferred stock representing a 6.3 percent ownership interest, subject to adjustment in certain circumstances.