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Seagate to Buy Maxtor

Seagate to Buy Maxtor

by , 10:15 AM EST, December 21st, 2005

Seagate and Maxtor announced announced Seagate's plan to acquire Maxtor on Wednesday. The deal between the two hard drive manufacturers calls for Seagate to purchase Maxtor in an all-stock transaction. Both companies produce industry standard Mac compatible hard drives, as well as other data storage products.

The transaction, which is estimated at US$1.9 billion, will give Maxtor stock holders .37 shares of Seagate common stock for each share of Maxtor stock they own. The deal is expected to close in the second half of 2006.

Seagate is currently trading at $19.30, down 0.30 (1.53%), and Maxtor is trading at $6.51, up 0.99 (44.03%).

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.

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