An official statement from Seagate Technology confirms that it now owns Samsung's HDD business. The announcement comes shortly after Seagate Technology wrapped up the last bits of its transaction with Samsung Electronics Co.Ltd, which had officially begun in April, this year. Seagate confirms that the total value of this deal; putting together transactions and agreements comes approximately to U.S $1.4 billion, consisting of 45,239,490 Seagate Ordinary Shares and the remaining balance settled in cash.
Samsung HDD onboard
The official word from the company further reveals that Seagate's acquisition of Samsung's HDD business will give it access to Samsung's assets, infrastructure and employees, which should aid Seagate's goals of achieving innovation.
The official statement further reveals that several senior managers and design-engineers from Samsung's Korea unit will move over to join forces with Seagate. Their area of focus will now be development of small form-factor products for the mobile computer market. Samsung's M8 product line of high-capacity, 2.5-inch HDDs will now be a part of Seagate's business. Post acquiring Samsung's HDD business, Seagate consumer base has expanded to China, Southeast Asia, Brazil, Germany and the Russian Federation.
Along with the above mentioned acquisition, Seagate has scored some agreements with Samsung. The official statement reveals, “Seagate is supplying disk drives to Samsung for PCs, notebooks and consumer electronics devices. Samsung is supplying its market-leading semiconductor products for use in Seagate’s enterprise solid state drives (SSDs), solid-state hybrid drives and other products. The companies have also extended and enhanced their existing patent cross-license agreement and have expanded cooperation to co-develop enterprise storage solutions. “