April 19, 2011 09:04 am EDT

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 announced that it's selling its hard disk drive-manufacturing arm to Seagate Technology for a neat $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 two companies have further agreed to deepen their strategic relationship with related cross-licensing and supply stipulations. Samsung will provision Seagate's solid state drives with NAND flash memory, whereas Seagate will furnish Samsung's PCs and consumer electronics products with hard disk storage. The deal is expected to complete in full by year's end and you can read all about it in Seagate's press release after the break.

[Thanks, Pavel]

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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.

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