Toshiba receives approval for OCZ buyout, RIP to popular company

Today the long running saga of OCZ's slow decline has finally come to an end. This morning a OCZ received approval from the United States Bankruptcy Court for the district of Delaware, to sell all of its Solid State Drive assets to Toshiba. This approval allows OCZ to finalize the acquisition that we were the first to tell you about back in October, and then again in November.

"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," said Ralph Schmitt, OCZ CEO, in a statement.

OCZ says the asset acquisition will complete by the end of next week, and Toshiba will keep the OCZ brand alive with its full portfolio of consumer and enterprise SSD products. With the financial powerhouse that is Toshiba now behind the OCZ brand, things could turn out very well for the once falling company.

Toshiba had an easy go of things, as there were no other offers for the PC enthusiast and gaming specialty company based in the San Francisco Bay Area. OCZ was popular among gamers and experienced PC users, but was slightly too expensive for the casual consumer - and Toshiba will benefit by beefing up its consumer and business products.

OCZ is still looking for a buyer of its Power Management business, and says that it is in the midst of a bidding process which is expected to land a closed deal within a few weeks. No mention was made of warranty support, but TweakTown has reached out to OCZ to clarify if existing warranties will be fully supported. Stay tuned to TweakTown for all of the latest breaking news in the tech industry.