Seagate Finalizes Samsung HD Division Acquisition

Written by John Ponio    Tuesday, 20 December 2011 15:10

Seagate LogoSamsung Logo

Back in April, it was announced that Seagate would be buying Samsung's HD division. Well, the acquisition is finally complete. Samsung and Seagate have entered a bunch of cross-patent agreements, and Samsung will be supply semiconductors for SSDs, while Seagate will be supplying Samsung hard drives for their computers. A representative from Samsung will join Seagate's board of directors, as well as Samsung receiving about $1.4 billion in stocks and cash. Steve Luczo, chairman, president and CEO of Seagate, said, "Together, Seagate and Samsung have aligned our current and future product development efforts and roadmaps in order to accelerate time-to-market efficiency for new products and position us to better address the increasing demands for storage. It is an exciting time in the industry with rapidly evolving opportunities in many markets including mobile computing, cloud computing, and solid state storage."