SanDisk agreed to acquire msystems Ltd. in a stock swap in which each msystems ordinary share will be converted into 0.76368 of a share of SanDisk common stock, representing a 26% premium over the average closing price of msystems’ shares for the last thirty trading days. The deal is valued at about $1.3 billion.
This combination joins together two flash memory pioneers with complementary products, customers and channels.
Israel-based msystems is a leader in flash memory systems addressing mobile, portable and embedded markets.
SanDisk, which is based in Milpitas, California,
is the world’s largest supplier of flash memory data storage card products.
“SanDisk and msystems, over the past 18 years, have been leading innovators in the flash storage market. This strategic acquisition will give us the critical mass and complementary products, customers, channels, technology and manufacturing base to take our shared vision to the next level. The NAND flash data storage business is in its early stages and we believe the market opportunity is largely untapped,” said Eli Harari, Chairman and CEO of SanDisk.
http://www.sandisk.com
