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Technology Stocks : Western Digital (WDC)
WDC 57.76-3.5%Nov 26 4:00 PM EST

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From: Eric L6/10/2016 10:48:08 AM
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WDC's SanDisk Corporation acquisition completed (May 12, 2016) ...


wdc.com

IRVINE, Calif. — May 12, 2016 — Western Digital® Corporation (NASDAQ: WDC) today announced that its wholly-owned subsidiary Western Digital Technologies, Inc. has completed the acquisition of SanDisk Corporation (NASDAQ: SNDK). The addition of SanDisk makes Western Digital Corporation 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 (NVM).

The Company 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.

“Today is a significant day in the history of Western Digital,” said Steve Milligan, chief executive officer of Western Digital. “We are delighted to welcome SanDisk into the Western Digital family. This transformational combination creates a media-agnostic leader in storage technology with a robust portfolio of products and solutions that will address a wide range of applications in almost all of the world’s computing and mobile devices. We are excited to now begin focusing on the many opportunities before us, from leading innovation to bringing the best of what we can offer as a combined company to our customers. In addition, we will begin the work to fully realize the value of this combination through executing on our synergies, generating significant cash flow, as well as rapidly deleveraging our balance sheet, and creating significant long-term value for our shareholders.”

The integration process will begin immediately through the joint efforts of teams from both companies. 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, effective immediately.

“As a combined company, we will be best positioned to address the demands for data storage, which is growing exponentially every year,” said Sanjay Mehrotra. “Growth and change go hand in hand, and we couldn’t be happier to grow and change together with Western Digital. I look forward to contributing to realizing the potential of this combination as a member of the board.”

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.

SanDisk shareholders looking for information with regard to the payment of the merger consideration should review the Public FAQ available in the Investor Relations section of our website at investor.wdc.com or click here.

About Western Digital

Western Digital Corporation (NASDAQ: WDC) is an industry-leading provider of storage technologies and solutions that enable people to create, leverage, experience and preserve data. The company addresses ever-changing market needs by providing a full portfolio of compelling, high-quality storage solutions with customer-focused innovation, high efficiency, flexibility and speed. Our products are marketed under the HGST, SanDisk and WD brands to OEMs, distributors, resellers, cloud infrastructure providers and consumers. For more information, please visit www.hgst.com , www.wd.com , and www.sandisk.com .

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More of the FAQ in re shareholsers here: wdc.com

The October 21, 2015 original announcement is here: wdc.com

Regulatory Approvals (below): wdc.com

May 10, 2016 — Western Digital® Corporation (NASDAQ: WDC) ("Western Digital" or the "Company") today announced that it has received regulatory approval from China's Ministry of Commerce ("MOFCOM") in connection with the planned acquisition by Western Digital Technologies, Inc., a wholly owned subsidiary of Western Digital, of SanDisk Corporation (NASDAQ: SNDK) ("SanDisk"). The MOFCOM decision completes the regulatory review process required for this transaction. Western Digital expects the transaction to close on Thursday, May 12, 2016.

"We are pleased to have received approval from MOFCOM, the final regulatory milestone for our combination with SanDisk," said Steve Milligan, chief executive officer of Western Digital. "We look forward to closing the transaction and to integrating our two global businesses to create the leading storage solutions company."

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.

- Eric L. -
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