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Reed rayman2/1/2024 Rayman called Western Digital an “iconic American business that is critical to global digital infrastructure”. “We look forward to working together in advancing our goal of creating value and finalising the best possible strategic outcome for our shareholders,” Goeckeler said in a statement. Western Digital chief executive officer David Goeckeler said Apollo and Elliott’s perspectives will help facilitate the next stage of Western Digital’s strategic review. A representative for Western Digital declined to comment on deal talks. The hard-drive business is expected to remain separate but details could still change.īloomberg News previously reported that the parties have figured out a rough structure where Western Digital would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the United States. Those talks are still active and progressing, the people said, asking not to be identified because the matter is private. The investment is a precursor to a merger with Japan’s Kioxia Holdings Corp, according to people familiar with the matter. ![]() Hedge fund Elliott Investment Management is also participating. ![]() The chipmaker’s stock fell 6% in late trading on a disappointing revenue forecast.įunds managed by Apollo are buying convertible preferred stock in Western Digital and Apollo partner Reed Rayman will get a board seat, according to a statement. We look forward to working with David and the Board as they position the company for long-term success.NEW YORK: Western Digital Corp is receiving a US$900mil (RM3.8bil) investment led by Apollo Global Management Inc, getting financial firepower at a tough time for the industry that could see further consolidation. “We see substantial opportunity and value creation ahead for Western Digital and are excited to make this investment, which enables Western Digital to continue executing on its innovation-led strategy and producing market-leading products for its customers. ![]() “Western Digital is an iconic American business that is critical to the global digital infrastructure, with a strong, long-term track record as a leading developer and producer of storage technology,” said Reed Rayman, a Partner in private equity at Apollo. We look forward to working together in advancing our goal of creating value and finalising the best possible strategic outcome for our shareholders.” Their partnership and perspectives as experienced capital investors will help us facilitate the next stages of Western Digital’s strategic review. “We have tremendous respect for Apollo and Elliott. “This investment was the result of a comprehensive outreach and evaluation process to appropriately capitalise the company and retain optionality for future strategic decision making,” said David Goeckeler, CEO, Western Digital. ![]() The investment strengthens Western Digital’s financial position and flexibility as the company continues its review of strategic alternatives aimed at further optimising long-term value for its shareholders. (together with its affiliates, “Elliott”) who also invested in the convertible offering. (“Apollo”) led the purchase of $900 million of convertible preferred stock of Western Digital, along with Elliott Investment Management L.P. Western Digital Corporation (“Western Digital”) (Nasdaq: WDC) today announced that funds managed by affiliates of Apollo Global Management, Inc.
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