$35 million dollar deal gives Toshiba access to proprietary intellectual property and staff, while giving OCZ the NAND supply it needs.

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Troubled solid state disk vendor OCZ has confirmed that it is selling itself to Toshiba as part of its bankruptcy proceedings.

A statement released by the company said Toshiba will be acquiring “OCZ’s client and enterprise solid state drive business” while giving OCZ sufficient capital to purchase NAND chips and support its customers during this transitional period. The deal is expected to close in 60 days and is valued at $35 million.

The statement says “OCZ will continue to operate and serve existing and future customers during this process.” It’s not clear, however, if Toshiba will continue to operate OCZ as its current brand after the deal is complete or if Toshiba will merge OCZ into its existing storage division.

OCZ’s statement doesn’t touch on exactly why the company was going under, chalking up the company’s downfall to continued “NAND flash supply constraints and credit issues.”

For Toshiba’s part, the company’s VP of storage says, “our leading NAND technology with OCZ’s SSD expertise will allow us to further strengthen Toshiba’s SSD business.”

More details on whether OCZ will continue as a separate brand or will be merged into Toshiba will be available as the deal comes closer to closing.

Source: OCZ