Seagate to acquire hard drive maker Intevac for $119 million

希捷宣布1.19 億美元收購硬碟製造商Intevac

On February 14, data storage company Seagate announced its intention to acquire hard disk device manufacturer Intevac in an all-cash transaction worth US$119 million.

Seagate plans to first acquire more than 50% of Intevac’s outstanding shares at a transaction price of $4 per share, and then merge and eventually acquire the remaining shares. The transaction has been approved by Intevac’s board of directors and largest shareholder and is expected to be completed in late March or early April this year.

Seagate announces $119 million acquisition of hard drive manufacturer Intevac, which provides HAMR heat-assisted magnetic recording technology solutions

Intevac is headquartered in Santa Clara, California, USA. It was founded in 1991 and mainly provides hard disk solutions based on heat-assisted magnetic recording (HAMR) technology.

Compared with standard perpendicular magnetic recording (PMR) technology, this technology is expected to increase the magnetic area density and hard disk capacity by at least two times, which has certain cost advantages and is attractive to cloud providers. Currently, several Seagate competitors, including Western Digital and Toshiba, are developing hard disks based on HAMR technology.

Seagate’s acquisition of Intevac is intended to strengthen its position in the field of HAMR technology. As the demand for data storage continues to grow, the limitations of traditional hard drive technology are becoming increasingly apparent, and the market is in urgent need of more efficient and larger capacity storage solutions. Therefore, Seagate’s quick action obviously hopes to use this merger to further enhance its competitiveness and technological leadership in the industry.