San Jose, Calif. – A full year after first announcing plans for the deal, Irvine, Calif.-based data and media storage products maker Western Digital (WD) said on Friday it has completed its $4.8 billion acquisition of San Jose, Calif.-based Viviti Technologies, formerly known as Hitachi Global Storage Technologies (Hitachi GST).
Under the deal, WD paid $3.9 billion in cash and 25 million shares of stock valued at approximately $0.9 billion. Hitachi now owns approximately 10 percent of WD’s outstanding shares.
Viviti, which develops hard disk drives, solid state drives and external storage products, will operate as a unit of WD, with Steve Milligan, its former CEO, serving as president.
“The completion of this acquisition is a truly momentous event in the 42-year history of our company,” said John Coyne, the CEO of WD. “The new WD is in a strong position to seize the growth opportunity in stored digital content.”
This article was also published in Bay Area Tech Wire.
Press release – http://tinyurl.com/84qv8u7