techPowerUp!: (PR) Western Digital Acquiring sTec to Expand Its Position in Enterprise SSD Market

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(PR) Western Digital Acquiring sTec to Expand Its Position in Enterprise SSD Market Jun 24th 2013, 12:45 Western Digital Corporation and sTec, Inc. announced today that they have entered into a definitive merger agreement under which sTec, Inc., an early innovator in enterprise solid-state drives (SSDs), will be acquired by HGST, a wholly-owned subsidiary of Western Digital. sTec will be acquired for approximately $340 million in cash, which equates to $6.85 per share. This represents approximately $207 million in enterprise value, net of sTec's cash as of March 31, 2013. The pending acquisition augments HGST's existing solid-state storage capabilities, accelerating its ability to expand its participation in the rapidly growing area of enterprise SSDs. HGST remains committed to its highly successful joint development program with Intel Corp. and will continue to deliver current and future SAS-based SSD products with Intel. Read full story

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