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Seagate Acquires Intevac for $119 Million

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a day ago

Summary

Seagate acquires Intevac for $119 million; Intevac specializes in thin film deposition systems, which support hard drive disk media production and upgrades. The acquisition is expected to strengthen Seagate's hard drive business and support the company's efforts to produce HAMR-based drives.

Key Points

Seagate will pay $4 per share in a tender offer for Intevac.
The acquisition is subject to customary closing conditions and is expected to close in late March or early April.
Intevac's board of directors and largest shareholders unanimously approved the transaction.

Why It Matters

The acquisition highlights Seagate's efforts to strengthen its hard drive disk business and support the production of HAMR-based drives, which have a cost advantage over incumbent solid-state technologies.

Author

Kyle Wiggers

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