We've been hearing for a while about the convoluted processes involved in Western Digital's acquisition of Hitachi Global Storage Technologies, but the saga is finally at an end. WD has announced that the merger is now complete in a deal worth $3.9 billion in cash and 25 million worth of shares (valued at $0.9 billion as of Wednesday). The deal was partly funded by a $2.5 billion five-year loan. What's in it for Hitachi? While the company's hard disk business has struggled since taking over from IBM in 2003, it now has around a 10% stake in WD and the right to appoint two people to the company's board of directors. Despite WD needing to shed various parts of its business in order to satisfy European Commission regulators, the merger means it has overtaken Seagate to become the largest hard disk manufacturer in the world.
Western Digital completes $4.8b Hitachi GST buyout, becomes world's largest HDD manufacturer
WD has announced that the acquisition of Hitachi Global Storage Technologies is now complete in a deal worth $3.9 billion in cash and 25 million worth of shares, valued at $0.9 billion. WD is now the world's largest hard drive manufacturer.