Western Digital to Split in Two After Kioxia Bid Fails
- Storage maker will spin off flash memory from HDD unit
- Shares rose as much as 13% on the news, most since May 2022
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Western Digital Corp. will split into two separate, publicly traded companies after talks to merge with Kioxia Holdings Corp. fell apart.
The storage maker will spin off its flash business, which focuses on memory for computers, devices and portable drives, it said in a statement Monday alongside fiscal first-quarter earnings. The company’s remaining HDD business will focus on selling high-capacity memory to cloud data centers.