Technology

The business and culture of our digital lives,
from the L.A. Times

Seagate buying Samsung's hard-disk drive business in $1.4-billion deal

Lju91vnc

Seagate is buying Samsung's hard disk-drive business in an agreement worth about $1.4 billion in cash and stock.

Samsung will get 45.2 million Seagate shares, or a 9.6% stake, worth about $687.5 million as part of the deal, the two companies said in a statement on Tuesday.

Seagate will supply Samsung with hard drives for computers and consumer electronics and Samsung will supply Seagate with flash memory chips, and the two companies will extend a cross-licensing patent agreement in a strategic partnership as part of the terms of the sale.

Another element of the deal calls for a Samsung executive to be nominated to join Seagate's board of directors after the deal closes, which is expected to take place by the end of the year after approval from U.S. and international regulators.

The move follows an agreement by Western Digital, the largest hard-drive maker, to buy Hitachi's storage business for $4.3 billion last month.

ALSO:

Twitter in talks to take over TweetDeck

Wal-Mart to buy social-media firm Kosmix

E-book sales triple from a year ago, now top-selling book format

-- Nathan Olivarez-Giles

twitter.com/nateog 

Photo: A Samsung Electronics hard-disk-drive Credit: Truth Leem/Reuters

 
Comments  ()

Connect

Recommended on Facebook


Advertisement

In Case You Missed It...

Videos

How to Reach Us

To pass on technology-related story tips, ideas and press releases, contact our reporters listed below.

To reach us by phone, call (213) 237-7163

Email: business@latimes.com

Andrea Chang
Armand Emamdjomeh
Jessica Guynn
Jon Healey
W.J. Hennigan
Tiffany Hsu
Deborah Netburn
Nathan Olivarez-Giles
Alex Pham
David Sarno


Categories


Archives