NEW YORK (TheStreet) -- SanDisk  (SNDK) stock is gaining 1.36% to $76.54 on heavy trading volume this afternoon after Western Digital (WDC) received the final regulatory approval needed for its proposed acquisition of the flash chip maker. 

China's Ministry of Commerce approved the planned acquisition, consequently completing the regulatory review process required for the transaction, according to a statement by SanDisk.

The deal is expected to close on Thursday.

"We thank our stakeholders for their support of this transaction and look forward to contributing to the success of Western Digital as it transforms into the leading storage solutions company," SanDisk CEO Sanjay Mehrotra said in a statement.

Western Digital stock is up 3.57% to $38.28 this afternoon.

About 14.35 million shares of SanDisk have been traded so far today, well above the company's average trading volume of roughly 2.78 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.

SanDisk's strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in net income are countered by disappointing return on equity. 

You can view the full analysis from the report here: SNDK

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.