Seagate redeems $1.5 Billion of Shares from Samsung

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

 

Now, Seagate officially owns Samsung's hard drive business. As per the latest information, Seagate Technology has announced a private share redemption transaction with Samsung Electronics Co., Ltd by way of 32.7 million ordinary shares, representing approximately 9% of Seagate’s shares outstanding as of the end of the fiscal first quarter 2014.

“We are pleased that Samsung intends to continue to be a long-term strategic shareholder and valued business partner with Seagate. Our success with the Samsung hard disk drive products that we acquired has exceeded our expectations and we are very encouraged with our joint product development for enterprise solid-state drives. We look forward to continuing to benefit from Dr Jeong’s counsel and guidance as part of our Board of Directors and we are very optimistic about the future of our flash technology partnership,” said Steve Luczo, Seagate Chairman, President & Chief Executive Officer.

“Bringing value to the market and consumers has been the primary goal of our relationship with Seagate and we are pleased with our partnership’s success. Samsung looks forward to continuing our strategic ties with Seagate and delivering technology solutions for cloud and mobile applications,” said Oh-hyun Kwon, Vice-Chairman & CEO, Samsung Electronics.

Following the transaction, Samsung will continue to own approximately 12.5 million shares of Seagate and Dr Seh-Woong Jeong, Executive Vice-President, Systems LSI Division......See More