Electronics Production | April 19, 2011
Samsung to sell HDD unit to Seagate
Samsung Electronics is to sell its hard-disk-drive (HDD) business to Seagate Technology for USD 1.375 billion in a cash and stock (50 / 50) transaction.
Under the terms of the agreement, Samsung will receive consideration consisting of 50% Seagate ordinary shares and 50% cash. Upon closing, Samsung will receive Seagate ordinary shares valued at USD 687.5 million (45.2 million shares, or approximately 9.6% ownership of Seagate, which is based on Seagate’s 30- day volume weighted average stock price prior to signing), plus USD 687.5 million in cash. Samsung will have a right to designate a nominee to join Seagate’s Board of Directors following closing. The agreement gives Samsung a significant ownership position in Seagate. “We are pleased to strengthen our strategic relationship with Samsung in a way that better aligns both companies around technologies and products,” said Steve Luczo, Seagate chairman, president and CEO. “With these agreements, we expect to achieve greater scale and deliver a broader range of innovative storage products and solutions to our customers, while facilitating our long-term relationship with Samsung.” “Delivering value to the market and consumers is the primary goal of the extensive agreement announced today. Samsung looks forward to extending our existing strategic ties with Seagate, to deliver Seagate and Samsung Announce Broad Strategic Alignment creative technology solutions for a broad diversity of consumer, business and industrial applications,” said Oh-hyun, Kwon, president of the semiconductor business of Samsung Electronics. The agreement has no financing contingencies, and is subject to customary closing conditions, including review by U.S. and international regulators. The transactions are expected to close by the end of calendar year 2011.
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