Tsinghua University’s agreement to invest $3.8 billion in Western Digital Corp. would be China’s biggest technology share purchase in the U.S. while adding substantially to the hard-drive maker’s ability to fund deals.
The transaction marks the latest in a wave of acquisitions abroad by Chinese companies -- part of President Xi Jinping’s efforts to elevate their global influence. If the purchase goes through, a unit of government-controlled Tsinghua would become Western Digital’s biggest shareholder. Synaptics Inc., a maker of touch-screen technology, recently rejected an offer from a state-backed Chinese investment group, people with knowledge of the matter said.
