Seagate will acquire equipment for hard disk drives for $119 million.
Seagate, a data storage company, owns it I announced the intention Get it intevaca hard drive equipment producer and in all cash transactions worth $119 million.
Seagate said Thursday it would pay $4 per share at the sensually traded INTEVAC public price. Seagate will purchase a minimum of “at least 50% or more” of the outstanding shares of INTEVAC, and then perform a “second step” merger to acquire the remaining shares of the Company. Masu.
Intevac’s board of directors and largest shareholders unanimously approved the transaction. Seagate expects to close in late March or early April, subject to customary closure conditions.
Founded in 1991 as a spinoff from high-tech company Varian Associates, Santa Clara-based Intevac manufactures thin film deposition systems. It was an IPO in 1995, and over the years it expanded its footprint in territories, including China, Malaysia and Singapore.
Intavec says on its website that its products support the production of hard drive disk media and upgrading existing hard drive systems. One of the technologies that companies advertise as a preferred solution, thermally assisted magnetic recording, or HAMR, improves the “handwriting” and storage density of hard drives by applying thermal energy.
It’s not difficult to see how this fits into Seagate’s hard drive disk business. December, Seagate announcement With its first HAMR-based hard drive after a two-year break from high-tech, the company plans to ship HAMR-based drives to multiple customers this year, including “major cloud providers.”
Several Seagate rivals, including Western Digital and Toshiba, are also working on Hamr-based drives, spurring the growing global demand for storage. HAMR-based drives generally offer cost advantages over current solid-state technology, making them particularly attractive to public cloud vendors.
Intavec’s The market capitalization was approximately $91.17 million. As of Thursday. In the most recent fiscal quarter (third quarter 2024), the company recorded a net loss of $2.17 million, up 59% from the previous year.
Intavec at the end of last year I said It was seeking “strategic options” and undergoing a restructuring that the company had expected to “significantly enhance profitability.” One of these strategic options was withdrawal from the open market.
Intavec is from Seagate First major acquisition The company has made 11 acquisitions in its 46-year history since purchasing Kioxia, a supplier of flash memory and solid-state drives in 2017. According to the financial database Tracxntotaling about $18 billion.