Japan's Hitachi to sell HDD unit to Western Digital
Tokyo (AFP) March 7, 2011
Japan's Hitachi Ltd. said Monday it will sell its wholly owned hard disk drive unit to US firm Western Digital for about $4.3 billion.
The subsidiary, Hitachi Global Storage Technologies (Hitachi GST), was established in 2003 after Hitachi acquired the HDD business from IBM.
Under a contract concluded Monday, Western Digital will buy all shares of Hitachi GST's holding company, Viviti Technologies Ltd., in a cash and stock transaction, Hitachi said in a press release.
Western Digital will repay Hitachi with $3.5 billion in cash and its 25 million common shares currently valued at some $750 million, the statement said.
As a result, the Japanese high-tech giant will own about 10 percent of Western Digital shares and be given two seats on the US firm's board of directors.
The transaction is expected to be completed by late September, the statement said.
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Space Technology News - Applications and Research
Hanover, Germany (AFP) Feb 27, 2011
The world's top high-tech fair opens Tuesday with the IT industry in bullish mood, preparing to wow visitors with head-spinning futuristic gadgets and the latest in 'cloud computing' technology. More than 4,200 tech firms from 70 countries are expected to attend this year's CeBIT - the self-styled "Davos of high-tech" - with many of the big names that stayed away during the global financia ... read more
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