Western Digital to sell partial stake in Sandisk for $3.17 billion to cut debt

Feb 18 (Reuters) - Western Digital is planning to raise $3.17 billion by selling a part of its stake ‌in flash memory unit Sandisk, which it used ‌to own, as the hard disk drive maker looks to reduce debt. The ​secondary share sale, announced by Sandisk on Wednesday, is priced at a 7.7% discount to the company's last closing price and involves swapping 5.8 million shares for debt held by ‌affiliates of J.P. ⁠Morgan and BofA Securities. Following the share sale, Western Digital's stake in Sandisk will b ...