Toshiba Memory Acquired Lite-On SSD Business

Toshiba Memory Holdings Corporation, which will rebrand as Kioxia Holdings Corporation on October 1, 2019, signed a definitive agreement with LITE-ON Technology Corporation to acquire its SSD business.

The purchase price is $165 million.

The transaction is expected to close by 1H20 and is subject to customary closing adjustments and regulatory approval.

LITE-ON is a Taiwan-based supplier of optoelectronics, storage, semiconductors and other devices. With cultural synergies and LITE-ON’s experience in the SSD field for PCs and data centers, Toshiba Memory sees this acquisition as a way to strengthen its SSD business.

“LITE-ON’s SSD business is a natural and strategic fit with Toshiba Memory and expands our focus in the SSD industry,” said Nobuo Hayasaka, acting president and CEO, Toshiba Memory. “This is an exciting acquisition for us, as it positions us to meet the projected growth in demand for SSDs in PCs and data centers being driven by the increased use of cloud services.”