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Friday, January 27, 2012

SEAGATE NOW OWNS SAMSUNG’S HARD DRIVE BUSINESS

➤ Seagate, a hard drive manufacturer and storage solutions provider, has completed its buyout of Samsung’s hard disk drive business. Completing the transaction will involve bringing certain Samsung assets, infrastructure, and employees under Seagate’s wing in order to “drive scale and innovation,” according to Seagate’s press release on the matter. “The strategic relationship will open new opportunities for the two companies by mutually complementing each other’s creative technology solutions for a broad diversity of IT applications,” said Oh-Hyun Kwon, vice chairman of device solutions of Samsung Electronics. Seagate, which says the buyout will expand its reach in Brazil, China, Germany, Russia, and Southeast Asia, puts the combined value of the acquisition near $1.4 billion.

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