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Business | March 12, 2012

Hitachi completes Western Digital deal

Hitachi Ltd has completed its transfer of Hitachi's Hard Disk Drive (HDD) business to Western Digital Corp., effective March 8, 2012.
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.

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