Seagate Technology has said it intends to buy rival company Maxtor for $1.9 billion. Both companies produce hard drives. The deal, priced at 60% of Maxtor's closing share price, is intended to acquire Maxtor's customers, not its technology. Seagate, which also makes drives for Microsoft's Xbox 360, will have over 40% of the hard drive market share. The Scotts Valley, California, based Seagate had 30% of the hard drive market. Provided the deal makes it past regulatory committees, Maxtor shareholders will receive .37 of a share of Seagate common stock for every 1 share of the Milpitas based company.
seagate technology has said it intends to buy rival company maxtor for 1 9 billion both companies produce hard drives the deal priced at 60 of maxtor s closing share price is intended to acquire maxtor s customers not its technology seagate which also makes drives for microsoft s xbox 360 will have over 40 of the hard drive market share the scotts valley california based seagate had 30 of the hard drive market provided the deal makes it past regulatory committees maxtor shareholders will receive 37 of a share of seagate common stock for every 1 share of the milpitas based company