Toshiba will acquire the assets, including the client and enterprise solid state drive business of OCZ Technology Group, for $35 million, in a chapter 11 bankruptcy proceeding. Toshiba is providing OCZ with financing to ensure that there is adequate capital and flash supply to support the business during the sale period.

The acquisition will provide Toshiba with access to OCZ’s proprietary controllers, firmware and software, as well as the teams responsible for bringing these solutions to market, in addition to OCZ’s brand and sales channels.

The transaction has been approved by the board of directors of OCZ, and the sale is expected to close within the next couple of months, subject to an auction and approval by the bankruptcy court.

[Image courtesy: OCZ]