SanDisk
2016
$16.0B
Why
To acquire the flash memory pioneer and its massive joint venture assets with Toshiba (now Kioxia), instantly transforming Western Digital into a dual-portfolio powerhouse capable of competing in both the HDD and NAND flash semiconductor markets.
Impact
The acquisition fundamentally altered the company's capital structure, taking on massive debt but providing immediate, massive scale in the NAND flash market, allowing the company to compete with Samsung and SK Hynix without bearing the sole financial burden of a multi-billion-dollar fab build-out.
Outcome
Despite the immense debt burden and the brutal cyclicality of the memory market, the acquisition successfully secured Western Digital's position as a top-tier global supplier of NAND flash, ultimately prompting the current strategic push toward a corporate spin-off to unlock the value of the combined entity.