September 27, 2021
Markets

Western Digital in advanced talks to merge with Japan’s Kioxia Holdings – WSJ

The logo of Western Digital Corporation is displayed at the company’s headquarters in Tokyo, Japan, May 27, 2019. REUTERS/Yoshiyasu Shida

Aug 25 (Reuters) – Western Digital Corp (WDC.O) is in advanced talks for a potential $20 billion stock merger with Japanese semiconductor firm Kioxia Holdings Corp, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The companies could reach an agreement as early as mid-September, and Western Digital Chief Executive Officer David Goeckeler would run the combined firm, the report said.

The news sent Western Digital’s shares up as much as 15% in afternoon trading to a market cap of $21.45 billion.

Kioxia Holdings Corp, the world’s second-largest maker of flash memory chips, last year shelved plans for what would have been Japan’s largest initial public offering in 2020. In June, however, financial magazine Diamond said…

Read full article here: www.reuters.com