Western Digital gets approval to take over Hitachi’s hard drive business

Western Digital has secured approval from the European Union regulator of market competition than will enable it to now go ahead and complete the take over of Hitachi’s hard drive manufacturing business. Western Digital will be purchasing all of Hitachi’s hard drive assets for $4.3 billion. “The proposed divestiture will ensure that competition in the industry is fully restored before the merger is implemented,” EU Commissioner Joaquin Almunia said in a statement. This statement relates to what we saw earlier with Western Digital signing some deals with Toshiba to sell off and lease some of their own assets. Western Digital had this to say about the matter:

Western Digital Corp. (NYSE: WDC) and Hitachi, Ltd. (NYSE: HIT / TSE:6501) yesterday announced that having obtained all required regulatory approvals for WD’s acquisition of Viviti Technologies Ltd. (holding company of Hitachi Global Storage Technologies), they expect the acquisition to close on March 8, 2012. WD and Hitachi will provide more information upon closing of the transaction.

Source: PR