Western Digital to buy SanDisk for $15.8B

Western Digital Corp. (Nasdaq: WDC) announced Tuesday it would buy SanDisk Corp. (Nasdaq: SNDK) in a cash-and-stock deal for $15.8 billion.

The news comes after China-based Tsinghua Unisplendour Corp. pulled out of a proposed $3.8 billion investment due to a pending investigation of the transaction by a U.S. Treasury committee. The deal would have given the company a 15 percent stake in Western Digital.

Western Digital will pay $78.50 a share for SanDisk, nearly 16 percent over Monday’s closing price of $67.68. SanDisk owners will receive $67.50 in cash and 0.2387 shares of Western Digital per share.

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