Storage card manufacturer SanDisk has announced plans to acquire flash memory developer msystems in an all-stock transaction. The firms say the deal will bring together two flash memory manufacturers with complementary products, customers and channels.
"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.
msystems addresses mobile, portable and embedded markets, SanDisk said. Harari added that “this transaction better positions SanDisk to serve the expanding storage needs of handset manufacturers and mobile network operators. In the long term, the combination with msystems will be a catalyst in the development of next generation flash enabled consumer applications."
In the transaction, each msystems ordinary share will be converted into 0.76368 of a share of SanDisk common stock, representing a 26 per cent premium over the average closing price of msystems' shares for the last 30 trading days.
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