Apple acquired Anobit Technologies, an Israel-based, flash memory technology maker, who’re also the manufacturers of the flash memory drive for the iPhone. As per a report at Bloomberg, the deal cost Apple approximately $390 million.

The negotiations went on for two weeks and reportedly the actual buying amount is much lesser than what the rumours stated they would be. Apple finally signed the agreement Jan. 6 to buy the Israeli company, according to two Anobit shareholders.

The report further states:

The deal helps Apple secure supplies of a key component for its top-selling devices. Anobit makes high-performance controllers used to optimize the memory capabilities inside products such as the iPhone and iPad. Apple is the world’s largest buyer of NAND flash memory, accounting for about 23 percent of consumption last quarter, according to a Jan. 6 report from Sanford C. Bernstein & Co.

Source: Bloomberg