Western Digital Completes Spin-Off of Flash Business into Independent Company

Details

The spin-off was executed through a pro rata distribution of Sandisk shares to Western Digital's shareholders. A series of agreements were established to govern the post-spin-off relationship between the two companies, including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Intellectual Property Cross-License Agreement, Transitional Trademark License Agreement, and Stockholder and Registration Rights Agreement. Additionally, Western Digital amended its Loan Agreement to facilitate the spin-off and released certain guarantees and liens from the Sandisk entities.

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About Western Digital Corporation

Western Digital Corporation is a global leader in data storage solutions, specializing in designing, manufacturing, and marketing high-performance hard drives and solid-state drives for a variety of applications. As one of the key players in the data storage industry, Western Digital's primary function is to provide reliable and innovative storage products that serve consumer, business, and enterprise needs. Its product portfolio encompasses solutions for desktop and notebook computers, data centers, and the embedded and removable storage market through brands like WD and SanDisk. Western Digital plays a crucial role in sectors such as cloud computing, data infrastructure, and mobile device manufacturing, catering to the ever-growing demand for efficient data storage and management technologies. The company's commitment to research and development has positioned it at the forefront of technological advancements, helping to drive the innovations required to manage the digital information explosion effectively. Founded in 1970 and headquartered in San Jose, California, Western Digital continues to influence industry standards, making significant contributions to the infrastructure that powers today's digital world.