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OCZ reaches SSD agreement with Toshiba

Tosh to acquire client and enterprise SSD business

Troubled memory outfit OCZ has inked an agreement with Toshiba to sell off its client and enterprise solid state drive business. Under the $35 million deal Toshiba will provide OCZ with debtor-in-possession financing to ensure smooth operation during the sale period.

This acquisition will give Toshiba access to OCZ's proprietary controllers, firmware and software, as well as the development teams, in addition to OCZ's established brand and sales channels. This will bring critical controller IP and NAND supply all under one global organization.

OCZ CEO Raplh Schmitt said the company faced numerous issues over the past year, ranging from NAND flash supply constraints to credit issues. Toshiba believes the bid, if successful, will allow it to strengthen its SSD business in the long run.

"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," said Toshiba VP Seiichi Mori.

The deal should be finalized within 60 days.

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