14 DAY TRIAL // Buying another company isn't as easy as selling produce at a market. Courts need to look at the contract and approve or disapprove of what is about to happen on the corporate level. It's usually just bureaucracy though, and this held true for OCZ and Toshiba.
OCZ went bankrupt a few months ago, in November 2013, and Toshiba was quick to call dibs on everything it had related to SSD technology.
The acquisition has been going through the approval stages. Which is to say, the companies reached an accord, but said accord had to be approved by the United States Bankruptcy Court for the District of Delaware.
Everything's been found green now, which means that Toshiba can finally integrate OCZ's various SSD assets into its own, under the Asset Purchase Agreement.
OCZ says it is “excited” to be part of Toshiba. Whether it's excitement to be part of the company or excitement to be dodging total oblivion is anyone's guess.
"We are pleased by the court's approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur," said Ralph Schmitt, CEO for OCZ Technology.
"The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets."
OCZ is in the process of going through a bidding procedure for the power management business. This process should close within the next few weeks.
Payment details and an ETA for the completion of Toshiba's acquisition of OCZ SSD business haven't been disclosed yet.