Shareholders approve Maxtor takeover
Seagate will acquire Maxtor in all stock transaction
Storage vendor Seagate Technology has received shareholder approval to continue with its acquisition of Maxtor.
The two firms announced a definitive merger earlier in the year, and following approval from both Seagate and Maxtor shareholders, the deal will see Seagate acquire Maxtor in an all stock transaction.
It is expected the transaction will close within two to three business days.
Bill Watkins, chief executive of Seagate said: “The acquisition of Maxtor will further build on Seagate's foundation as the premier global hard disc drive company and strengthens our ability to drive future growth by providing enhanced operating scale and key resources to fuel product innovation, maximize efficiency and realise significant cost benefits.
“The scale gained with this acquisition is needed to meet the world’s growing demand for sharing and storing digital content. Leveraging increased scale with Seagate’s successful product platform strategy, we believe the combined company is best-positioned to deliver to global customers a more compelling, diverse set of products at more competitive prices, to meet the growing demand for storage.”