Western Digital to split flash memory business after Kioxia merger talks stall

Western Digital said on Monday it would split itself into two companies that would focus on the hard drive and flash memory markets, days after talks of a merger with Japan’s Kioxia stalled.

Western Digital shares were up more than 12% before the bell.

The company launched a review last year after activist investor Elliott Management disclosed a stake of nearly $1 billion in Western Digital and pushed it to separate those businesses.