Western digital, storage solutions manufacturer well known for providing hard disk drives (HDD) to the global market, announced the acquisition of specialist SanDisk flash memory. The transaction, approved by the boards of both companies, is valued at approximately $ 19 billion
SanDisk brings a history of 27 years of innovation and expertise in flash memory ( non-volatile memory. - NVM) solutions and processing systems. Combining SanDisk and Western Digital allows companies to integrate vertically Western Digital in NAND flash memory solutions , secure long-term access to the solid state drive (SSD) cost technology.
The acquisition will be financed through a mixture of cash , a new debt financing and stock Western Digital . The transaction is subject to approval by SanDisk's shareholders and is expected to close in the third calendar quarter of 2016.
HDD, SSD, Cloud
"This acquisition transformation corresponds to our long-term strategy to be an innovative leader in the storage industry by providing compelling, high-quality products with advanced technology," said Steve Milligan, general manager, Western digital . "the combined company will be well positioned to seize the growth opportunities created by the rapid development of storage industry. I am very pleased to welcome SanDisk team as we seek to create additional value for all our stakeholders, including our customers, shareholders and employees. "
Western Digital and complementary product lines of SanDisk, including hard drives, SSD, cloud data center storage solutions and flash storage solutions, provide the basis of a broader set product and consumer technologies to the data center. both companies have strong R & D and engineering capabilities and rich base of core technologies combined with over 15,000 patents issued or pending in world.
"Western Digital is globally recognized as a provider of leading storage solutions and has a heritage of 45 years of development and manufacturing of advanced solutions, which makes the company the ideal strategic partner for SanDisk, "said Sanjay Mehrotra, president and CEO, SanDisk . "Importantly, this combination also creates an even stronger partner for our customers. Joining forces with Western Digital will enable the company combined to offer the broadest range of innovative storage solutions advanced to customers across a wide range of markets and applications. "
" the combined company will be well positioned to seize the growth opportunities created by the rapid development of storage industry, "said Steve Milligan, General manager, Western digital.
Toshiba has been a long-term strategic partner SanDisk for 15 years. The joint venture with Toshiba is underway, allowing vertical integration through partnership technological driven by deep collaboration between design and building process. the joint venture will provide steady NAND offers to scale through a proven business model by time and extends through technology NVM such as 3D NAND.
Financial Advisors
Steve Milligan will continue to serve as Chief Executive Officer (CEO) of the combined company, and the company will remain based in Irvine, California. At closing, Sanjay Mehrotra will join the Board of Directors Western Digital.
BofA Merrill Lynch and J.P. Morgan are acting as financial advisors and lead to Western Digital will provide committed financing for the transaction. In addition, Credit Suisse is acting as financial advisor and provided a financing commitment, and RBC Capital Markets provides committed funding. Cleary Gottlieb Steen & Hamilton and Baker & McKenzie are acting as legal advisors from Western Digital.
Goldman Sachs acted as exclusive financial advisor to SanDisk. Skadden, Arps, Slate, Meagher & Flom LLP acted as exclusive legal advisor to SanDisk.
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