Kioxia announced today that it expects to complete its acquisition of LITE-ON Technology Corporation’s Solid State Drive (SSD) business, Solid State Storage Technology Corporation and its affiliated companies on July 1, 2020. The company entered into a share purchase agreement on August 30, 2019 in connection with the acquisition. 

Both parties are now taking the necessary procedures in order to close the transaction on July 1, 2020.

As the demand for SSDs, where rapid expansion is expected in the coming years with the rise of digital transformation, this acquisition will allow Kioxia to strengthen its SSD business significantly and help to meet the projected growth in demand.

“Kioxia is accelerating its focus on the SSD business, especially in the growing cloud computing arena.” said Nobuo Hayasaka, President and CEO of Kioxia Holding Corporation. “This is an exciting acquisition for us. Solid State Storage Technology Corporation’s excellent capabilities together with our leading flash memory and SSD technology will bring significant synergies and enable us to further deliver value-add solutions to our customers. This will pave the way for Kioxia to enhance its leading position in the global SSD market and to make a contribution to the development of new ICT infrastructure driven by AI, 5G, IoT and Cloud data centers.”

Kioxia plans to maintain Solid State Storage Technology Corporation’s business under its existing brands.