Seagate Finishes Maxtor Buyout

Seagate announced that it has completed the acquisition of Maxtor on Monday. The combined companies will retain the Seagate name, and most of Maxtoris operations should be integrated into Seagate by early 2007. About half of Maxtoris workforce, however, will be laid off.

The planned acquisition was announced in December 2005, and was subsequently approved by Maxtor shareholders.

Both companies produce Mac compatible data storage products. The combined data storage and backup product line offered under the Seagate name will be one of the largest in the industry.