Surprise news for everyone. Samsung has just sold its hard disk drive manufacturing arm to Seagate Technology, probably more interested in SSD market than HDD. The deal is said to ink a sky high 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. Looks like Seagate will be going head on with Western Digital in the future.

SOURCE via Seagate