SCOTTS VALLEY, CA, United States (UPI) -- California-based Seagate Technology LLC, the world`s biggest maker of hard disk drives, is paying $1.9 billion for data storage company Maxtor Corp.
The all-stock deal has been approved by both companies` boards, Seagate said Wednesday.
Upon closing of the definitive agreement, Seagate shareholders will own 84 percent of the combined entity.
'The combination of Seagate and Maxtor will build on Seagate`s foundation as the premier global hard disc drive company, leveraging the strength of Seagate`s significant operating scale to drive product innovation, maximize operational efficiencies, and realize significant cost synergies,' Seagate said.
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