SEAGATE gets Intevac, which manufactures hard drive equipment, for $ 119 million

Seagate, data storage company, it has She announced her intention To acquire IntevacSolid drive product, in a cash deal worth $ 119 million.

Seagate said on Thursday that it would pay $ 4 per share in an Intevac tender, which is publicly traded. SEAGATE will initially buy the minimum “at least one share of more than 50 %” of the exported and distinctive Intevac shares, then carry out the process of merging the “second step” to gain the remaining shares of the company.

The Intevac Board and the largest contributors unanimously approved the treatment. Seagate expects to be closed in late March or early April, according to the usual closing conditions.

Santa Clara -based Intevac, founded in 1991 as a cross from Varian Associas, manufactures thin films. In 1995, it expanded its mark over the years to the regions, including China, Malaysia and Singapore.

On its website, InTavec says its products support the production of hard disk media and the upgrade of the current hard drive systems. One of the technologies that the company is related to it is the preferred solution, or magnetic registration with the help of heat, or hamr, improves “writing” and storage density for solid motors by applying thermal energy.

It is not difficult to see how this directly fits with the Stege Disk works in Seagate. In December, Seagate Declare Hummer’s first hard drive after two decades of technology, and the company plans to charge Hummer’s drives to many customers, including this year’s “pioneering cloud provider”.

Several Seagate competitors, including Western Digital and Toshiba, are on the Hamr driving drives, which are paid by the growing demand all over the world to store. The HAMR drunk drives in general has a cost feature on the current solid status techniques, making them especially attractive to the general sellers.

Intavec’s The maximum market was about 91.17 million dollars As of Thursday. In the last financial quarter (Q3 2024), the company achieved 28.5 million dollars, an increase of 59 % on an annual basis, but it recorded a net loss of $ 2.17 million.

Intavec late last year He said She was exploring “strategic options” and is subject to a restructuring that the company expects “to make it financially reinforced.” One of these strategic options was apparently out of public markets.

Intavec is Seagate’s The first major acquisition Since the company has bought Kioxia, a supplier of flash memory and hard drive engines, in 2017. SEAGATE performed 11 acquisitions in its 46 -year -old history, According to the Tracxn financial databaseA total of about 18 billion dollars.