Davis Polk advised Hitachi, Ltd. as the selling stockholder in connection with an SEC-registered secondary offering of 6,250,000 shares of Western Digital Corporation common stock. Goldman, Sachs & Co. and BofA Merrill Lynch acted as lead book-running managers and J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. The total net proceeds to Hitachi from the offering were approximately $581 million.
In March 2012, Hitachi received 25,000,000 shares of Western Digital common stock as partial consideration in its sale of Viviti Technologies Ltd. (formerly Hitachi Global Storage Technologies Holdings Pte. Ltd.) to Western Digital. After the completion of this offering, Hitachi continues to hold 6,250,000 shares of Western Digital common stock.
Western Digital Corporation is a global developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content. It designs and makes storage devices and home entertainment products under the HGST, WD and G-Technology brands. Its common stock is listed on the NASDAQ Global Select Market under the symbol “WDC.”
The Davis Polk corporate team included partner Theodore A. Paradise, counsel Christopher J. Kodama and associate Miles E. Hawks. All members of the Davis Polk team are based in the Tokyo office.
Source: www.davispolk.com
