Seagate acquires Samsung HDD Business
Seagate Technology has announced the closing of the transaction to acquire the hard disk drive (HDD) business of Samsung Electronics.
Under the terms of the transaction, Seagate has gained select elements of Samsung's HDD business, including assets, infrastructure and employees that enable Seagate to drive scale and innovation. These assets include Samsung's leading M8 product line of high-capacity, 2.5-inch HDDs. Samsung employees joining Seagate include a number of senior managers and design-engineering employees from Samsung's Korea facility, who will focus on development of small form-factor products for the mobile compute market. N.Y. Park, senior vice president and general manager, will oversee Seagate's product development activities in Korea and serve as country manager of the Korea design center, reporting to Bob Whitmore, Seagate's executive vice president and CTO.
"Together, Seagate and Samsung have aligned our current and future product development efforts and roadmaps in order to accelerate time-to-market efficiency for new products and position us to better address the increasing demands for storage. It is an exciting time in the industry with rapidly evolving opportunities in many markets including mobile computing, cloud computing, and solid state storage," said Steve Luczo, chairman, president and CEO, Seagate.
"The strategic relationship will open new opportunities for the two companies by mutually complementing each other's creative technology solutions for a broad diversity of IT applications," said Oh-Hyun Kwon, vice chairman, Device Solutions, Samsung Electronics.
The combined value of these transactions and agreements is approximately US $1.4 billion, consisting of 45,239,490 Seagate Ordinary Shares and the remaining balance settled in cash. In addition, Samsung will designate a nominee to join Seagate's Board of Directors.
For More Details see
www.varindia.com
Comments
Post a Comment