Three Law Firms Point Apollo-Led Stock Deal for Western Digital

Paul Weiss is advising funds affiliated with Apollo Global Management, Inc. on a deal they led to invest $900 million in convertible preferred stock for Nasdaq-listed memory chip maker Western Digital Corporation.

Gibson Dunn is advising hedge fund Elliott Investment Management LP and its affiliates, which joined Apollo as investors in the deal. Skadden is counseling Western Digital, according to a statement.

Western Digital said in a statement that the investment strengthens its financial position and flexibility as the company continues its review of strategic alternatives aimed at optimizing long-term value for its shareholders.

Bloomberg News reported that the deal ...