Western Digital Completes Acquisition Of SanDisk - Quick Facts

(RTTNews) - Hard disk drive manufacturer Western Digital Corp. (WDC) said that its wholly-owned subsidiary Western Digital Technologies, Inc. has completed the acquisition of SanDisk Corp. (SNDK).

In October 2015, Western Digital said it agreed to acquire SanDisk in a cash and stock deal with a total equity value of about $19 billion.

Under the terms of the transaction, each outstanding share of SanDisk common stock was converted into the right to receive $67.50 per share in cash and 0.2387 shares of Western Digital common stock.

As previously announced, Steve Milligan will continue to serve as chief executive officer of Western Digital, which will remain headquartered in Irvine, California. Sanjay Mehrotra, co-founder, president and chief executive officer of SanDisk, will serve as a member of the Western Digital board of directors, with immediate effect.

Western Digital noted that the addition of SanDisk will makes it a comprehensive storage solutions provider with global reach, and an extensive product and technology platform that includes deep expertise in both rotating magnetic storage and non-volatile memory or NVM.

Western Digital also indicated that the debt financing associated with this transaction has been consummated and that the previously obtained funds from this financing have been released from escrow to Western Digital Technologies, Inc.