SanDisk Corp. to acquire Israel based Msystems

Makers of flash memory chips SanDisk Corp. have confirmed that they are acquiring Israel-based Msystems.

The deal is worth around $1.55 billion and it would be conducted in an all-stock transaction.

SanDisk said in a statement that the signed deal would see each share of Msystems would be converted into 0.76368 of SanDisk common stock.

The company added that this offer is around 26 percent premium over the average closing price of Msystems’ shares for the last 30 trading days and comes to around $36 a share.

This is just the latest of many such deals in this industry, which is seeing massive consolidation.

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