News Summary

Seagate Technology Holdings has announced its acquisition of Intevac, a company specializing in hard drive equipment, for $119 million in an all-cash deal. The transaction, which offers a premium of 45% to Intevac’s stockholders, will be executed through a tender offer followed by a merger to acquire the remaining shares. Intevac, founded in 1991, provides thin film deposition systems and has a significant presence in markets like China, Malaysia, and Singapore. This acquisition aligns with Seagate’s strategy to expand its hard drive disk business, particularly in heat-assisted magnetic recording (HAMR) technology, which improves storage density and is crucial for meeting the rising demand for storage solutions. The deal is anticipated to close by early April, subject to customary conditions, marking Seagate’s first major acquisition since 2017.