Western Digital to sell 80% of SanDisk Shanghai to JCET for ~$624M

WESTERN DIGITAL CORP

SanDisk China to sell 80% of SDSS to JCET for ~$624M (valuation $780M); closing expected Q3 2024.
Payment over 5 years: $218.4M at closing, $218.4M in second tranche, $187.2M in five annual installments.
Proceeds to strengthen balance sheet ahead of planned separation of HDD and Flash businesses.
Post-closing, JCET owns 80%, SanDisk China retains 20%; SDSS deconsolidated and accounted for under equity method.
Expected modest reduction in annual op ex and capex for Flash assembly/test; small increase in Flash cost of revenue.

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