NEW DELHI: Computing storage device company Western Digital will buy Hitachi Global Storage Technologies, a fully-owned subsidiary of Hitachi, in a cash and stock deal valued at about $ 4.3 billion, a company official said today. “The acquisition of Hitachi GST is a unique opportunity for WD (Western Digital) to create further value for our customers, stockholders, employees, suppliers and the communities in which we operate,” said John Coyne, president and chief executive officer of WD. Under the terms of the agreement as mentioned in the joint statement issued by the companies, WD will acquire Hitachi GST for $ 3.5 billion in cash and 25 million WD common shares valued at $ 750 million. The shares value is based on WD closing stock price of $ 30.01 on March 4, 2011. WD plans to fund the transaction with a combination of existing cash and total debt of approximately $ 2.5 billion. Hitachi will own approximately 10 per cent of Western Digital’s shares outstanding after issuance of the shares and two representatives of Hitachi will be added to the WD board of directors at closing. The transaction has been approved by the board of directors of each company and is expected…