Market Overview

Toshiba Confirms it Will Acquire Assets of OCZ Technology

Toshiba Corporation (OTC: TOSBF) today announced that the company has with OCZ Technology Group (NASDAQ: OCZ) reached an agreement on December 2, will acquire OCZ. Almost all the assets of Technology's SSD business. The transaction will be completed through the sale and auction process in accordance with the terms of the U.S. Bankruptcy Code Section 363, still depends on the bankruptcy court responsible for OCZ Technology Chapter 11 of the U.S. Bankruptcy Code approved by the bankruptcy case. If Toshiba successful bid (still depends on the approval of the court and other regulatory authorities), the company is expected to be completed in January 2014 acquisition.

"OCZ flash memory and is looking forward to becoming a global leader in storage solutions for a Toshiba Toshiba can bring the necessary capital and NAND flash supply and technical expertise, the expertise and our leading SSD technology, we can provide customers and enterprises to provide extremely powerful comprehensive storage solution. an unstoppable force this combination will form in the competitive SSD market. "

Seiichi Mori, vice president of Toshiba's Semiconductor and Storage Company and vice president of Toshiba Corporation, said: "We are very excited about the opportunity to participate in the bidding if we succeed, then we will achieve a leading NAND technologies combined with OCZ's SSD technology expertise to enable us. to further enhance Toshiba's SSD business and we greatly value OCZ consumer and enterprise markets in the SSD business and technology, are convinced that the business will enhance our ability to help us strengthen our leading position in the SSD market. "

OCZ Technology CEO Ralph Schmitt explains: "OCZ flash memory and is looking forward to become a global leader in storage solutions, a member of the Toshiba Toshiba can bring the necessary capital and NAND flash supply and technical expertise, the expertise and our leading solid state. hard disk technology, we can offer our customers extremely powerful and comprehensive enterprise storage solutions. an unstoppable force this combination will form in the competitive SSD market. "

Posted-In: News Asset Sales Legal M&A Global Tech

 

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