Samsung sells HDD division to Seagate for $1.375 billion

We’re firmly of the belief that SSDs are our future and Samsung would seem to agree. The Korean electronics giant has just now announced that it’s selling its hard disk drive-manufacturing division to Seagate Technology for a handy $1.375 billion in equal measures of cash and stocks. As a result, Samsung Electronics will own approximately 9.6 percent of Seagate and get to nominate one new member to join Seagate’s Board of Directors, while the companies have further agreed to deepen their strategic relationship with related cross-licensing and supply stipulations. Samsung has agreed to provision Seagate’s solid state drives with NAND flash memory, a gesture which will be reciprocated by Seagate furnishing Samsung’s PCs, laptops and consumer electronics products. [Thanks, Pavel] Continue reading Samsung sells HDD division to Seagate for $1.375 billion Samsung sells HDD division to Seagate for $1.375 billion originally appeared on Engadget on Tue, 19 Apr 2011 05:04:00 EDT. Please see our terms for use of feeds . Permalink

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