Micron Technology Inc. said late Thursday it plans to buy out Intel Corp.’s share of a flash memory joint venture that the two chip makers have participated in for more than a decade.

Micron MU, -0.66% agreed to pay Intel $1.5 billion for its stake of their IM Flash Technologies joint venture, and expects to close the deal in six to 12 months after it is able to exercise call options on Jan. 1. On a conference call, Chief Financial Officer Dave Zinsner said Micron will pay for the buyout from free cash flow while continuing with its plan to buy back its own shares.