LITE-ON Technology said that the transfer of its Solid State Drives 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 1st, 2020, after the good-faith discussions between Kioxia Holdings Corporation and LITE-ON Technology. LITE-ON Technology does not expect any adverse impact to the SSD operations will be caused by the deferral of the closing date.
LITE-ON Technology Board has approved the transfer of the company’s Solid State Drives (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, intellectual properties, technologies and client and supplier relationships. The transaction value was tentatively set as US$165mm, to be fully paid in cash.