UPDATE 3-Western Digital to buy SanDisk in $19 bln deal

21 Oct 2015 | Author: | No comments yet »

Western Digital buying SanDisk in deal worth about $19 billion.

Western Digital, a maker of hard drives for businesses and personal computers, is buying SanDisk in a cash-and-stock deal worth about $19 billion as it looks to extend its reach in the storage industry.

Western Digital and flash-memory chip maker SanDisk said that they have complementary product lines, including hard disk drives, solid-state drives, cloud data centre storage solutions and flash storage solutions. “The combined company will be ideally positioned to capture the growth opportunities created by the rapidly evolving storage industry,” Western Digital CEO Steve Milligan said in a written statement. Demand for cheaper chips and new products to power Internet-connected gadgets, as well as a push from technology companies to consolidate suppliers, has led to record levels of deal making in the semiconductor sector this year. If a previously announced investment in Western Digital from Unisplendour closes prior to the acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of its stock for each SanDisk share. Pending the closing of the transaction, Western Digital expects to continue paying its quarterly dividend and plans to suspend its stock buyback program.

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