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Seagate , the data storage fellowship , hasannounced its intentto acquireIntevac , a operose drive equipment producer , in an all - cash batch deserving $ 119 million .
Seagate say on Thursday that it ’ll pay $ 4 per share in a attendant offer for Intevac , which is publicly traded . Seagate will ab initio purchase a lower limit of “ at least one portion more than 50 % ” of Intevac ’s write out and spectacular shares , and then execute a “ 2d whole step ” merger to acquire the company ’s remaining share .
Intevac ’s board of directors and largest shareholders unanimously approved the transaction . Seagate gestate it to close in late March or other April , subject to customary close conditions .
Santa Clara - based Intevac , establish in 1991 as a spin - off from tech house Varian Associates , fabricate thin film deposition arrangement . It IPO’d in 1995 , and has expanded its footprint over the years to territory including China , Malaysia , and Singapore .
On its web site , Intavec say its products support surd drive disc culture medium production and the ascent of existing hard drive scheme . One of the engineering that the fast tout as its pet result , heat - assisted magnetic transcription , or HAMR , improves the “ writeability ” and storage denseness of laborious thrust by utilize heat energy .
It ’s not tough to see how this go squarely into Seagate ’s grueling drive disc clientele . In December , Seagateannouncedits first HAMR - based hard parkway after a two - tenner respite from the technical school , and the company plans to ship HAMR - based drives to several customer , including a “ leading swarm supplier , ” this year .
Several of Seagate ’s competition , including Western Digital and Toshiba , are also working on HAMR - ground movement , spurred by the growing worldwide demand for depot . HAMR - based drive generally have a cost reward over incumbent solid - state engineering , make them especially attractive to public cloud vendors .
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Intavec’smarket cap was around $ 91.17 millionas of Thursday . In its most late financial quarter ( Q3 2024 ) , the firm notch $ 28.5 million in receipts , up 59 % class - over - year , but posted a $ 2.17 million nett loss .
Intavec latterly last yearsaidit was explore “ strategical option ” and undergoing a restructuring that the party anticipated would “ materially strengthen its profitableness . ” One of those strategical selection was an exit from the public markets , it seems .
Intavec is Seagate’sfirst major acquisitionsince the party bought Kioxia , a supplier of flash memory and firm - province crusade , in 2017 . Seagate has made 11 acquisitions in its 46 - year story , according to financial database Tracxn , totaling around $ 18 billion .
