Western Digital is selling 5.8 million SanDisk shares at $545 each through a secondary offering. The transaction totals approximately $3.085 billion and is structured as a debt-for-equity swap with J.P. Morgan and BofA affiliates. The deal is expected to close by February 19, 2026.
This divestment of the remaining post-spinoff stake is timed to avoid tax penalties ahead of the one-year anniversary on February 21, 2026. CFO Kris Sennesael previously signaled the move during a prior earnings call. SanDisk will receive no proceeds from the transaction.
Western Digital shares closed at $284.11 (+0.90%) on February 17, 2026, before trading at $283.70 (-0.14%) after hours. The company recently reported Q2 revenue of $3.02 billion, a 25% year-over-year increase fueled by rising demand for AI-related hard drives.