Hard drive maker Western Digital to buy SSD experts sTec for $340M
Western Digital (s WDC), one of the oldest (and biggest) hard drive makers says that its wholly owned subsidiary, HGST will acquire Santa Ana, Calif.-based sTec (s STEC), a company that specializes in making enterprise solid state drives (SSDs). HGST will pay $6.85 a per share, or $340 million in cash. This represents approximately $207 million in enterprise value, net of sTec’s cash as of March 31, 2013, Santa Clara, Calif.-based Western Digital said in a press release.
STec started its life as Simple Technology in 1990 and went public in 2000, but later sold its consumer flash business to Fabrik to focus solely on the enterprise flash business. As part of the deal, the none of the sTec executives, including Manouch and Mark Moshayedi (current CEO), will stay on with the company.
Our laptops, our enterprise servers, and most importantly, data centers that feed the Internet, all use solid state drives, and…
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