Seagate Technology to Acquire Dot Hill Systems
Dot Hill’s Portfolio Will Complement and Expand Seagate’s Storage Systems Offerings
CUPERTINO, Calif. & LONGMONT, Colo.-- Seagate Technology plc (STX), a world leader in storage solutions, and Dot Hill Systems Corp. (HILL), a trusted supplier of innovative software and hardware storage systems, today announced that they have entered into a definitive agreement under which a wholly-owned indirect subsidiary of Seagate will commence a tender offer for all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of approximately $694 million on a fully-diluted equity value basis. As Dot Hill has approximately $49 million in cash on its balance sheet as of June 30, 2015, the transaction reflects an enterprise value of approximately $645 million. The consideration represents a 50% premium over the preceding three month stock price average.
- Published: 19 August 2015
- Written by Editor