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Western Digital (WDC) to Buy SanDisk (SNDK) for $19B

Western Digital (WDC) has announced that it will be buying SanDisk (SNDK) for $19 billion.

western-digital-sandisk-sndk-wdcThe deal between Western Digital and SanDisk will have WDC paying $86.50 per share for SNDK stock. The deal will be funded with both cash and the company’s stock. It’s also been approved by the boards of directors for both of the companies.

The deal still needs approval from SanDisk shareholders and possibly Western Digital shareholders if an investment in WDC by Unisplendor doesn’t close before the SNDK acquisition is completed. The deal between SanDisk and Western Digital is expected to close during the third quarter of 2016.

Steve Milligan will remain the CEO of Western Digital after it acquires SanDisk. Sanjay Mehrotra, the current CEO of SNDK, is expected to join WDC’s Board of Directors after the deal has been completed.

WDC shares were down slightly and SNDK shares were up 2% as of Noon Wednesday.

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