Welcome Stranger to OCC!Login | Register

Western Digital to Acquire Hitachi GST for $4.3 Billion

Category: General News
Posted: 01:52PM
Author:

Western Digital, one of the largest manufacturers of hard drives, is set to get a little bigger as it has announced a deal with Hitachi, another manufacturer of hard drives. That deal includes Western Digital purchasing Hitachi GST, a wholly-owned subsidiary of Hitachi, for $4.3 billion. Hitachi GST (Global Storage Technologies) will become a part of the WD family as a customer-focused storage company, with huge operating scale, strong global talent, and the industry's largest product lineup. The deal includes $3.5 billion in cash and another $750 million of stock shares, with Hitachi owning 10 percent of the shares and having two of its members added to WD's board of directors. The deal is expected to close by the third quarter of 2011, with WD still maintaining its headquarter in Irvine, California, and keeping its administration pretty much in check. The one new addition will be Steve Milligan from Hitachi GST who will act as president of Western Digital.



Register as a member to subscribe comments.

This news has comment postings disabled because it is now archived.

© 2001-2017 Overclockers Club ® Privacy Policy
Elapsed: 0.0301511288   (xlweb1)