Overview
- The company is offering more than 5.8 million Sandisk shares at $545 each in a secondary sale.
- The disposal is structured to exchange the shares for debt held by affiliates of J.P. Morgan and BofA, which will sell the stock on their affiliates’ behalf.
- Western Digital expects to retain roughly $1 billion of Sandisk stock after the transaction, with plans to exit the remainder over time.
- Sandisk shares slipped about 2.1% in after-hours trading following the announcement, according to market reporting.
- The selldown follows a late-January quarter in which Western Digital beat guidance and cited stronger AI-driven data-center demand.