Western Digital Corp. and Kioxia Holdings Corp. are progressing in their merger talks and have figured out a rough structure that would eventually involve a dual-listing in Japan, according to people familiar with the matter.
Under the terms being discussed, Western Digital would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the U.S., the people said, asking not to be named because the matter is private. The company would also plan a second stock listing in Japan, they added.
Western Digital management is expected to run the combined company, the people said.