China's JCET to buy stake in flash memory facility from Western Digital
Reuters
Published Mar 04, 2024 07:47AM ET
Updated Mar 04, 2024 09:01AM ET
BEIJING (Reuters) -Chinese chip assembly and testing firm JCET Group said on Monday it plans to buy an 80% stake in a Shanghai flash memory facility owned by Western Digital Corporation (NASDAQ:WDC) for about $624 million in cash.
SanDisk Semiconductor Shanghai makes products such as iNAND flash memory modules as well as SD and MicroSD components used in areas such as telecommunications, automobiles and consumer devices, JCET said in a filing.
Western Digital said last year it would spin off its flash memory business that had been grappling with a supply glut, after talks of merging the unit with Japan's Kioxia stalled.
The deal, pending Chinese regulatory approvals, will expand JCET's market share in the data storage industry, JCET said in its filing to the Shenzhen Stock Exchange.
Buying the stake will allow JCET to enhance its partnership with Western Digital, which has been a long-term client and is expected to continue to place orders at SanDisk Semiconductor Shanghai after the transaction, JCET said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.