“Seagate’s New Move: Acquiring Intevac for $119M in All-Cash Deal”
Seagate, a prominent name in the field of data storage, has recently announced its plan to acquire Intevac, a leading producer of hard drive equipment, in a deal worth $119 million. This acquisition is a strategic move by Seagate to strengthen its position in the market and expand its portfolio of products and services.
The acquisition of Intevac by Seagate is set to bring together two key players in the data storage industry, with a focus on delivering innovative solutions to meet the growing demands for storage capacity and performance. Intevac, known for its thin film deposition systems that support hard drive disk media production, will complement Seagate’s existing business operations and technologies.
Intevac’s board of directors and major shareholders have unanimously approved the acquisition, which is expected to be finalized by late March or early April. With a strong foothold in territories like China, Malaysia, and Singapore, Intevac has established itself as a reliable provider of cutting-edge technologies for the hard drive industry.
One of the key technologies highlighted by Intevac is heat-assisted magnetic recording (HAMR), which enhances the writeability and storage density of hard drives by utilizing heat energy. This aligns well with Seagate’s recent introduction of HAMR-based hard drives, signaling a shared vision for driving innovation and meeting the evolving needs of customers in the storage market.
As Seagate embarks on this new acquisition, it marks a significant milestone in the company’s history of strategic investments and expansion. With a strong track record of acquisitions, including the purchase of Kioxia in 2017, Seagate continues to position itself as a frontrunner in the data storage industry, driving growth and innovation for the future.
