Western Digital to Raise $3.17 Billion Through Sandisk Stake Sale

Feb 18 (GeokHub) — Western Digital plans to raise approximately $3.17 billion by selling part of its remaining stake in Sandisk through a secondary share offering, according to company disclosures.

The offering is being priced at a 7.7% discount to Sandisk’s most recent closing price.

Western Digital intends to exchange roughly 5.8 million Sandisk shares for debt held by affiliates of JPMorgan Chase and Bank of America. The two banks, serving as lead bookrunners, will then sell the shares on behalf of their affiliated entities as part of the secondary offering.

Following the transaction, Western Digital is expected to retain a stake valued at close to $1 billion, based on recent market prices. The company has indicated plans to gradually divest the remaining holding over time.