Seagate acquires Intevac, which manufactures hard disk equipment, for $ 119 million
Seagate, the data storage company, has announced its intention to acquire IntevacA producer of hard disk equipment, in an agreement of any level worth $ 119 million.
Seagate said Thursday that he would pay $ 4 per share in an Intevac tender offer, which is listed on the stock market. Seagate will initially buy a minimum of “at least a share of more than 50%” of the actions issued and in the circulation of Intevac, then will perform a merger of “second step” to acquire the remaining actions of the company.
The Intevac Board of Directors and the largest shareholders have unanimously approved the transaction. Seagate expects that it closes at the end of March or early April, subject to usual closing conditions.
Intevac, based in Santa Clara, founded in 1991 as a spin-off of the technological company Varian Associates, manufactures systems of deposit in thin layers. He had IPO in 1995 and widened his imprint over the years to territories, notably China, Malaysia and Singapore.
On its website, Intavec affirms that its products support the production of disk supports of the hard drive and the upgrading of existing hard drive systems. One of the technologies that the company boasts as a favorite solution, magnetic recording assisted by heat, or HAMR, improves “storage density” and the storage density of hard disks by applying thermal energy.
It is not difficult to see how it is integrated out of Seagate hard disk disk activities. In December, Seagate announcement Its first hard disk based on HAMR after a two decades of The Tech, and the company plans to send disks based on HAMR to several customers, including a “main cloud supplier” this year.
Several of the Seagate rivals, including Western Digital and Toshiba, also work on HAMR -based discs, stimulated by growing global storage demand. HAMR -based discs generally have an advantage of costs compared to solid state technologies, which makes them particularly attractive for public cloud suppliers.
Intake The market capitalization was approximately $ 91.17 million THURSDAY. During its last budgetary quarter (third quarter of 2024), the company marked $ 28.5 million in revenues, up 59% from one year to the next, but posted a net loss of 2, $ 17 million.
Intaveave at the end of last year said He explored the “strategic options” and underwent a restructuring that the company provided “would considerably strengthen its profitability”. One of these strategic options was a public market release, it seems.
Intuvec is Seagate First major acquisition Since the company bought Kioxia, a flash memory supplier and semiconductor records in 2017. Seagate made 11 acquisitions during its 46 years of history, According to the TRACXN financial databasetotaling about $ 18 billion.
