OREANDA-NEWS. Toshiba Corporation announced that it has entered into an agreement with OCZ Technology Group, Inc. to acquire substantially all the assets of OCZ Technology's SSD business. The transaction will be completed through a sale and auction process pursuant to Section 363 of the U.S. Bankruptcy Code, and subject to approval by the bankruptcy court supervising OCZ Technology's Chapter 11 bankruptcy. If Toshiba is selected as the successful bidder, subject to court and other regulatory approvals, the company expects to complete the acquisition in January 2014.

"We are excited to participate in this opportunity.  If our bid is successful, the combination of our leading NAND technology with OCZ's SSD expertise will allow us to further strengthen Toshiba's SSD business," said Mr. Seiichi Mori, Vice President of Toshiba's Semiconductor and Storage Company and Corporate Vice President of Toshiba. "We value OCZ's SSD business and technology in both the consumer and enterprise markets, and we are confident that it will reinforce our capabilities and help us to secure leadership in the SSD market."

"OCZ looks forward to becoming part of Toshiba, a world leader in flash memory and storage solutions," explained Ralph Schmitt CEO of OCZ Technology. "Toshiba brings the necessary capital and NAND flash supply and expertise, which together with our leading edge solid state drive technology will enable us to provide client and enterprise customers with a very compelling total storage solution. This combination will make for an unstoppable force in the highly competitive SSD market."