Shares of Western Digital soar after WSJ report of talks over $20 billion merger deal with Japan’s Kioxia

Shares of Western Digital Corp. WDC,
rose 11.7% in midday trading Wednesday, to accelerate the S&P 500’s SPX,
winners, after The Wall Street Journal reported that the data storage company was in merger talks with Japan-based Kioxia Holdings Corp., in a deal that could be valued at more than $20 billion. Citing people familiar with the matter, the WSJ report said long-running talks have flared up in recent weeks, with a deal possibly as early as mid-September. Western Digital would use stock to pay for the deal, and the combined company would likely be led by David Goeckeler, its CEO, the WSJ report said. The stock is up 22.5% so far, while the SPDR Technology Select Sector ETF XLK,
is up 21.0% and the S&P 500 is up 19.8%.