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Seagate to buy Samsung’s hard disk drive business

Seagate to buy Samsung’s hard disk drive business

California (AP) — Seagate is buying the hard disk drive business of Samsung in a $1.38 billion deal that also gives the South Korean electronics manufacturer a nearly 10 percent stake in Seagate.

The deal further consolidates the hard drive industry that just last month saw Seagate rival Western Digital Corp. agree to snap up Hitachi Global Storage Technologies for $4.3 billion.

Seagate Technology and Samsung Electronics Co. said Tuesday they also agreed to extend their patent cross-licensing agreement and co-develop business data storage products.

Samsung has agreed to supply Seagate with chips for its hard drives. Seagate, meanwhile, will supply disk drives for Samsung’s PCs, notebook computers and consumer electronics.

In addition, a Samsung executive will be nominated to join Seagate’s board. Samsung plans to pay Seagate in cash and stock.

Western Digital’s Hitachi deal and the Seagate-Samsung agreement leaves Toshiba Corp. as the only remaining player in the industry that’s been consolidating aggressively for decades. Traditional hard drives are facing stiff competition from a new type of storage technology, called solid-state flash memory. Tablets and smart phones, which are growing more popular than traditional desktop PCs for their portability and convenience use solid-state memory.

Read more/Source: Seattle PI

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