SAN MATEO (03/30/2000) - Storage-management vendor Veritas Software acquired Seagate Technology Wednesday in a complicated $20 billion transaction.
As part of the deal, and immediately following it, an investor group led by Silver Lake Partners will form a new, privately owned company which will then purchase all of Seagate's operating businesses for approximately $2 billion in cash. The investor group includes Seagate management.
"I believe that becoming a private company will allow us to focus on strengthening our core storage business," said Steve Luczo, president and CEO of Seagate Technology, in a statement.
Seagate is one of the largest manufacturers of disk drives, magnetic disks, and read/write heads, and has recently expanded into the development of business intelligence software.
Veritas provides key storage management software to a large share of the enterprise storage market.
Veritas Software Corp., in Heathrow, Fla., is at www.veritas.com. Seagate Technology Inc., in Minneapolis, is at www.seagate.com.