SanDisk to buy Fusion-io for $1.1 billion

Sandisk's new solid state drive is displayed at the Sandisk booth during the 2014 Computex exhibition at the TWTC Nangang exhibition hall in Taipei(Reuters) – SanDisk Corp is buying Fusion-io Inc for about $ 1.1 billion to bulk up its flash storage business and reduce its exposure to the volatile memory chip market. SanDisk's offer of $ 11.25 per share represents a premium of 21 percent to Fusion-io's Friday close. SanDisk's NAND flash memory chips are widely used in smartphones, cameras and other mobile devices to store music, pictures and other data. SanDisk's revenue from solid-state drives, or SSDs, jumped 61 percent in the first quarter, accounting for 28 percent of revenue.

Tech News Headlines – Yahoo News

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