Apollo Global leads $900m investment in computer drive maker Western Digital

• In connection with the transaction, Reed Rayman, a partner in private equity at Apollo, was appointed to Western Digital’s board of directors
• Qatalyst Partners, Lazard and J.P. Morgan are serving as Western Digital’s financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is serving as the company’s legal counsel
• Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Apollo

Apollo Global Management has led the $900 million convertible preferred investment in San Jose, California-based computer drive maker Western Digital.

Elliott Investment Management also invested in the convertible offering.

“Western Digital is an iconic American business that is critical to the global digital infrastructure, with a strong, long-term track record as a leading developer and producer of storage technology,” said Reed Rayman, a partner in private equity at Apollo, in a statement. “We see substantial opportunity and value creation ahead for Western Digital and are excited to make this investment, which enables Western Digital to continue executing on its innovation-led strategy and producing market-leading products for its customers. We look forward to working with David and the Board as they position the company for long-term success.”

In connection with the Apollo investment, Rayman was appointed to Western Digital’s board of directors.

Qatalyst Partners, Lazard and J.P. Morgan are serving as Western Digital’s financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is serving as the company’s legal counsel.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Apollo.

As of September 30, 2022, Apollo had approximately $523 billion of assets under management.