© skypixel Business | February 29, 2016

Unis terminates Western Digital investment

Western Digital's agreement with Unisplendour (Unis), and Unis Union, a subsidiary of Unis that agreed to make a USD 3.775 billion equity investment in Western Digital, has been terminated.
The deal was terminated by Unis Union after a decision by the Committee on Foreign Investment in the United States (CFIUS) to conduct an investigation into the proposed investment.

Western Digital, Unis and Unis Union was notified by CFIUS that is was undertaking an investigation of the proposed investment by Unis Union – under the Exon-Florio Amendment to the Defense Production Act – which triggered a 15 day period during which either company could terminate the stock purchase agreement.

And Unis Union chose to exercise its option. The company informed Western Digital that it decided to terminate the agreement under which Unis Union would have acquired a 15% equity stake in Western Digital. None of the companies will have to pay a termination fee.

"We continue to look forward to our transformational combination with SanDisk and capitalizing on the growth opportunities ahead of us as the demand for data storage continues to increase, despite the inability to carry out the equity investment by Unis," said Steve Milligan, chief executive officer of Western Digital.


Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news
September 15 2017 9:25 AM V8.7.1-1