Hitachi completes Western Digital deal

Hitachi transferred all shares of Hitachi Global Storage Technologies' (Hitachi GST) holding company, Viviti Technologies Ltd, to WD for $3.9 billion in cash and 25 million shares of WD common stock valued at approximately $0.9 billion, which totaled to value of approximately $4.8 billion. Hitachi now owns approximately 10% of WD shares outstanding and has a right to designate two individuals to the board of directors of WD. Steve Milligan, President and Chief Executive Officer of Hitachi GST, will join WD's senior management team as president.