Western Digital to spin off Flash business into independent public company targeted for H2 2024

WESTERN DIGITAL CORP

Board unanimously approved plan to separate HDD and Flash businesses into two independent public companies.
Separation intended to be tax-free; targeted for second half of calendar year 2024.
Financial advisors: Qatalyst Partners, Lazard, J.P. Morgan; legal: Skadden Arps.
Transaction subject to final board approval, definitive docs, tax rulings, SEC filings, audited financials, and financing availability.
Q1 FY2024 earnings call on Oct 30 will include discussion of the separation.

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