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Western Digital Talks With Kioxia Are Said to Be Advancing

  • Companies are discussing a dual-stock listing in Japan
  • Western Digital management in talks to run combined company
Kioxia Iwate Corp.'s plant in Kitakami, Iwate Prefecture.
Kioxia Iwate Corp.'s plant in Kitakami, Iwate Prefecture.Photographer: Kiyoshi Ota/Bloomberg
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Western Digital Corp. and Kioxia Holdings Corp. are progressing in their merger talks and have figured out a rough structure that would eventually involve a dual-listing in Japan, according to people familiar with the matter.

Under the terms being discussed, Western Digital would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the US, the people said, asking not to be named because the matter is private. The company would also plan a second stock listing in Japan, they added.