Flash card maker
said it completed the acquisition of the Kfar Saba, Israel-based msystems, a transformer of flash into storage solutions, in an all-stock transaction valued at about $1.5 billion.
Under terms of the deal, each msystems ordinary share will be converted into 0.76368 of a share of SanDisk common stock, and options or other rights in msystems shares will be converted using the same ratio.
"Today marks the exciting beginning of the new SanDisk as we commence operations with msystems as an integrated team under one company," the Sunnyvale, Calif.-based company said. "With our great energy and passion and complementary strengths, we expect this industry leading innovative team to transform our markets through leadership products in the coming decade."
This story was created through a joint venture between TheStreet.com and IRIS.