Cleary Gottlieb is representing Citigroup Global Markets in its capacity as financial advisor to msystems Ltd. in SanDisk Corporation’s acquisition of msystems. Each msystems ordinary share will be converted into 0.76368 of a share of SanDisk, for a total current stock value of approximately $1.55 billion. The acquisition is expected to occur in the fourth quarter of 2006.
msystems creates, develops, manufactures and markets smart personal storage solutions for a myriad of applications targeting high growth markets. SanDisk, the world’s largest supplier of flash memory data storage card products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology.