12/21/2005

Seagate to buy storage rival Maxtor

Filed under: — By Aviran Mordo @ 9:49 am

Seagate Technology, the digital storage giant, reached a deal Tuesday to acquire a rival, Maxtor, for $1.9 billion in stock, according to executives involved in the transaction.

The deal, which was approved by the boards of both companies, is expected to be announced as early as Wednesday, the executives said.

Seagate’s acquisition comes as the market for digital storage is booming. Corporations and individuals are saving vast numbers of files that are ever increasing in size, especially with the rising number of audio and video files.

Source: News.com

 

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