Western Digital, a leading digital storage product manufacturer, recently reported that it will sell a large portion of its stake in flash storage manufacturer SanDisk to reduce its debt burden.
Several reports say that Western Digital is looking to sell 5.8 million shares worth about $3.17 billion to pay off debts owed to JP Morgan and Bank of America Securities.
The sale also means that when the sale is completed (at a 7.7 percent discount to its previous sale price), Western Digital will only hold 1.7 million SanDisk shares, worth about $1 billion.
Western Digital is also expected to sell the stake, further reducing the company's debt burden by the end of 2026.
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