07/31/2006
SanDisk to acquire msystems for $1.55 billion
Flash memory data storage supplier SanDisk to acquire Israeli flash memory systems provider msystems for $1.55 billion, in an all stock transaction. The transaction, that is expected to close in the fourth quarter of 2006, joins together two flash memory pioneers with complementary products, customers and channels.
“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.
In the near term, the merger is better positions SanDisk to serve the expanding storage needs of handset manufacturers and mobile network operators. In the long term, the new combination will be a catalyst in the development of next generation flash enabled consumer applications.
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