Wikinews:Briefs/Technology/December 22, 2005
Thursday, December 22, 2005
Seagate Technology has said it intends to buy rival company Maxtor for $1.9 billion. Both companies produce hard drives. The deal, priced at 60% of Maxtor's closing share price, is intended to acquire Maxtor's customers, not its technology.
Seagate, which also makes drives for Microsoft's Xbox 360, will have over 40% of the hard drive market share. The Scotts Valley, California, based Seagate had 30% of the hard drive market.
Provided the deal makes it past regulatory committees, Maxtor shareholders will receive .37 of a share of Seagate common stock for every 1 share of the Milpitas based company.
- "Seagate to buy Maxtor for $1.9 bln in stock" — , December 21, 2005
- Steve Hargreaves and Grace Wong. "Stock advance stunted" — , December 21, 2005