Seagate to buy Maxtor for US$1.9 billion

摘要

Seagate announced in late December that it has offered to buy 84% of Maxtor for US$1.9 billion in an all-stock transaction. The deal, which would see the combined California-based drive manufacturers carry the Seagate name, has been approved by the boards of both companies. It is expected to be completed in the second half of next year. The deal is a vindication of sorts for Dr. C.S. Park, a member of Maxtor's board who stepped in to become CEO in November 2004 when the company was in trouble and brought in Michael Wingert the same month to be president and CEO.