IRVINE, Calif., May 12, 2016 /PRNewswire/ -- 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.
Forward-Looking Statements
Statements contained in
this press release that refer to future events or other
non-historical facts are forward-looking statements that reflect
Western Digital Corporation's ("Western Digital") current
perspective of existing trends and information as of the date of
this release. Except as expressly required by law, Western Digital
disclaims any intent or obligation to update these forward-looking
statements. Actual results may differ materially from Western
Digital's current expectations depending upon a number of factors
affecting Western Digital's business. These factors include, among
others, the impact of competitive products and pricing; market
acceptance of and continued demand for Western Digital's products;
risks associated with acquisitions, mergers and joint ventures;
difficulties or delays in manufacturing; and other risks and
uncertainties detailed in Western Digital's periodic public filings
with the Securities and Exchange Commission, including but not
limited to Western Digital's most recent Annual Report on Form
10-K. Except as expressly required by law, Western Digital
disclaims any intent or obligation to update these forward-looking
statements.
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SOURCE Western Digital Corp.