Sandisk buys Msystems

Sandisk is buying Msystems in a stock transaction with each of the latter's ordinary shares converted to .76368 of the former's share.

In plain terms, that's around $1.5 billion. That, said Sandisk, is a 26 per cent premium over the average closing price of Msystems' shares for the last 30 trading days.

The deal depends on Israeli regulatory approval. Both firms specialise in flash and Sandisk said flash data storage is a nascent business.