Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Klarman’s Baupost Takes $595 Million Stake in Chipmaker Micron

Aug. 14 (Bloomberg) -- Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, took a $595 million stake in Micron Technology Inc. after the shares surged 57 percent in the first quarter.

Baupost purchased 41.5 million shares of Boise, Idaho-based Micron during the three months ended in June, making it the firm’s fourth-biggest stock investment by market value, according to a filing today with the U.S. Securities and Exchange Commission.

Micron last month completed a $2 billion purchase of Elpida Memory Inc. as it seeks to deliver sustainable profits in the volatile market for memory chips used in personal computers and mobile devices. Micron has reported a net loss in five out of its last 10 fiscal years.

Shares of Micron have jumped 136 percent this year, valuing the company at $15.5 billion. Baupost is now the firm’s fifth-biggest shareholder, according to data compiled by Bloomberg.

Baupost’s biggest stock holding at $786 million is Carlsbad, California-based ViaSat Inc., a position the firm didn’t add to in the second quarter, according to today’s filing. Baupost added 1.5 million American Depository Receipts of London-based BP Plc for a stake valued at $776 million and almost 3 million shares of Theravance Inc. for a holding worth $637 million.

Money managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

-- With assistance from Ian King in San Francisco. Editors: Sree Vidya Bhaktavatsalam, Edward Evans

To contact the reporter on this story: Jesse Westbrook in London at jwestbrook1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.