China Approves Western Digital's Acquisition Of SanDisk

(RTTNews) - Western Digital Corp. (WDC) said that it has received regulatory approval from China's Ministry of Commerce in connection with the planned acquisition by Western Digital Technologies, Inc., a wholly owned subsidiary of Western Digital, of SanDisk Corp. (SNDK).

The MOFCOM decision completes the regulatory review process required for this transaction. Western Digital expects the transaction to close on Thursday, May 12, 2016.

The transaction has also received regulatory approvals in the U.S., E.U., Singapore, Japan, Taiwan, South Korea, South Africa and Turkey. Western Digital and SanDisk shareholders voted to approve the transaction at their respective special meetings of shareholders held on March 15, 2016.

In October 2015, Hard disk drive manufacturer Western Digital Corp.and flash storage solutions provider SanDisk Corp. entered into a definitive agreement for Western Digital to acquire all outstanding shares of SanDisk in a cash and stock deal with a total equity value of about $19 billion.