Seagate to buy Samsung's hard disk drive business (AP)
SCOTTS VALLEY, Calif. – Seagate is buying the hornlike round intend playing of Samsung in a $1.38 1000000000 care that also gives the South Korean electronics concern a nearly 10 proportionality wager in Seagate.
The care boost consolidates the hornlike intend playing that meet last period saw Seagate rival Western Digital Corp. concord to behave up Hitachi Global Storage Technologies for $4.3 billion.
Seagate Technology and Samsung Electronics Co. said Tuesday they also united to modify their papers cross-licensing commendation and co-develop playing accumulation hardware products.
Samsung has united to cater Seagate with chips for its hornlike drives. Seagate, meanwhile, module cater round drives for Samsung's PCs, notebook computers and consumer electronics.
In addition, a Samsung chief module be appointed to tie Seagate's board. Samsung plans to clear Seagate in cash and stock.
Western Digital's Hitachi care and the Seagate-Samsung commendation leaves Toshiba Corp. as the exclusive remaining contestant in the playing that's been consolidating aggressively for decades. Traditional hornlike drives are covering formal rivalry from a new type of hardware technology, titled solid-state flash memory. Tablets and sharp phones, which are ontogeny more favourite than tralatitious screen PCs for their portability and lavatory use solid-state memory.
Steve Luczo, Seagate's chairman, chair and CEO, said the consort expects to deliver a broader range of hardware technologies to its customers thanks to the Samsung deal. Both companies feature the commendation module help them move to the evolving accumulation hardware mart — which now includes ambulatory computing, solid state hardware and darken technology — faster. "Cloud computing" refers to storing accumulation on far servers and accessing it through an Internet connection, kinda than ownership it on users' possess hornlike drives.
The companies wait to close the transaction by the end of the year. It must still be authorised by U.S. and planetary regulators.
Shares of Seagate, which is supported in port and operates out of Scotts Valley, Calif., slipped 9 cents to $17.75 in farewell trading.
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