Lite-On Postponed SSD Business Transfer to Kioxia

LITE-ON Technology Corp. announced that the transfer of its SSD business to Kioxia Holdings Corporation will be deferred due to the unfinished integration works caused by the coronavirus (COVID-19) outbreak.

The closing date of the transfer will be therefore postponed from the original target date April 1, 2020, after the good-faith discussions between the two companies.

LITE-ON does not expect any adverse impact to the SSD operations will be caused by the deferral of the closing date.
 
Its board has approved the transfer of the company’s SSD business to Kioxia Holdings Corporation through a share purchase transaction on Aug 30, 2019. The transaction involves the transfer of LITE-ON SSD business’s operations and assets, including inventories, equipment, personnel, IPs, technologies and client and supplier relationships.

The transaction value was tentatively set as $165 million, to be paid in cash.
 
The SSD business started as a business unit under LITE-ON in 1995. It started PC SSD business in 2008 and cloud data center SSD development in 2014, and has become a developer and manufacturer of customized ready-to-use SSD for both enterprise and client PC applications with recognized customer base throughout America, Europe and Asia.

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