SanDisk buys Israel M-Systems for USD 1.35 billion
American flash memory giant acquires local manufacturer of data storage solutions
SanDisk, the California-based supplier of flash memory data storage cards, has acquired Sunday Israeli company M-Systems Ltd., a manufacturer of storage solutions. The deal is worth USD 1.35 billion, representing a 26 percent premium over the average closing price of msystems’ shares for the last thirty trading days.
“SanDisk and M-Systems, 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.
“M-Systems is a leader in flash memory systems addressing mobile, portable and embedded markets and they have a strong team, significant IP and important OEM customers. SanDisk has a record of creating new market categories, world-class manufacturing capabilities and leading market share in the retail channel. Both companies are noted for their relentless innovation, and this acquisition is intended to further accelerate our pace of innovation," he added.
