Monday, June 24, 2013

HGST Buys sTec

San Jose-based HGST, the subsidiary of Western Digital which was formerly Hitachi Global Storage Technologies, said today that it has acquired sTec, a developer of solid state disk drives and storage. According to the company, WD will pay approximately $340M in cash, or $6.84 per share for sTEC. The deal is worth $207M in enterprise value once cash held by sTEC is taken into account. HGST is a major provider of enterprise, desktop, andother disk drives; sTec is also a developer of flash-based storage and related products.