Press release
Western Digital Announces $900 Million Convertible Preferred Equity Investment Led by Apollo-Managed Funds
Apollo Provides Long-Term Strategic and Capital Support to Company Alongside Existing Investor Elliott Investment Management SAN JOSE, Calif.--(BUSINESS
About this update from Western Digital Corporation
[{"type":"text","content":"\nApollo Provides Long-Term Strategic and Capital Support to Company Alongside Existing Investor Elliott Investment Management\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nWestern Digital Corporation (“Western Digital”) (Nasdaq: WDC) today announced that funds managed by affiliates of Apollo Global Management, Inc. (“Apollo”) led the purchase of $900 million of convertible preferred stock of Western Digital, along with Elliott Investment Management L.P. (together with its affiliates, “Elliott”) who also invested in the convertible offering. The investment strengthens Western Digital’s financial position and flexibility as the company continues its review of strategic alternatives aimed at further optimizing long-term value for its shareholders.\n\n“This investment was the result of a comprehensive outreach and evaluation process to appropriately capitalize the company and retain optionality for future strategic decision making,” said David Goeckeler, CEO, Western Digital. “We have tremendous respect for Apollo and Elliott. Their partnership and perspectives as experienced capital investors will help us facilitate the next stages of Western Digital’s strategic review. We look forward to working together in advancing our goal of creating value and finalizing the best possible strategic outcome for our shareholders.”\n\n“Western Digital is an iconic American business that is critical to the global digital infrastructure, with a strong, long-term track record as a leading developer and producer of storage technology,” said Reed Rayman, a Partner in private equity at Apollo. “We see substantial opportunity and value creation ahead for Western Digital and are excited to make this investment, which enables Western Digital to continue executing on its innovation-led strategy and producing market-leading products for its customers. We look forward to working with David and the Board as they position the company for long-term success.”\n\nElliott Managing Partner Jesse Cohn and Senior Portfolio Manager Jason Genrich said, “We are pleased to participate in this investment and are encouraged by the progress Western Digital has made in its strategic review process to date. Our participation follows our previous offer to provide strategic resources and additional capital to help the company realize the full value of both its HDD and Flash busines...