MANILA, Philippines – Western Electronic® Corporation (NASDAQ: WDC) today introduced that its wholly-owned subsidiary Western Electronic Technologies, Inc. has completed the acquisition of SanDisk Corporation (NASDAQ: SNDK). The addition of SanDisk would make Western Electronic Corporation a in depth storage alternatives supplier with world-wide achieve, and an intensive solution and technologies platform that contains deep experience in equally rotating magnetic storage and non-volatile memory (NVM).
The Firm also indicated that the financial debt financing associated with this transaction has been consummated and that the beforehand received funds from this financing have been introduced from escrow to Western Electronic Technologies, Inc.
“Today is a major day in the record of Western Electronic,” stated Steve Milligan, main government officer of Western Electronic. “We are delighted to welcome SanDisk into the Western Electronic spouse and children. This transformational mixture generates a media-agnostic chief in storage technologies with a strong portfolio of goods and alternatives that will address a wide selection of programs in almost all of the world’s computing and mobile products. We are fired up to now start out focusing on the quite a few alternatives ahead of us, from primary innovation to bringing the very best of what we can offer as a combined organization to our customers. In addition, we will start out the perform to completely comprehend the price of this mixture as a result of executing on our synergies, creating major income flow, as well as quickly deleveraging our stability sheet, and developing major prolonged-term price for our shareholders.”
The integration process will start out straight away as a result of the joint attempts of groups from equally organizations. As beforehand introduced, Steve Milligan will keep on to serve as main government officer of Western Electronic, which will keep on being headquartered in Irvine, California. Sanjay Mehrotra, co-founder, president and main government officer of SanDisk, will serve as a member of the Western Electronic Board of Directors, helpful straight away.
“As a combined organization, we will be very best positioned to address the calls for for knowledge storage, which is growing exponentially every 12 months,” stated Sanjay Mehrotra. “Growth and improve go hand in hand, and we couldn’t be happier to improve and improve jointly with Western Electronic. I search forward to contributing to recognizing the possible of this mixture as a member of the board.”
Below the phrases of the transaction, every single fantastic share of SanDisk frequent stock was transformed into the right to receive $sixty seven.fifty for every share in income and .2387 shares of Western Electronic frequent stock.
SanDisk shareholders hunting for facts with regard to the payment of the merger thought should really critique the Public FAQ available in the Investor Relations area of our internet site at investor.wdc.com. ADVT.
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