Seagate Technology Executes Secondary Block Trade Transaction with ValueAct Capital
September 09 2016 - 9:00AM
Business Wire
Seagate Technology plc (NASDAQ:STX), a world leader in storage
solutions, today announced a secondary block trade transaction of
approximately 12.5 million ordinary and existing shares.
Participating in this transaction are ValueAct Capital and Seagate
Technology, as a result of which ValueAct Capital will become one
of Seagate’s largest shareholders with approximately 9.5 million
ordinary shares upon transaction closing. In connection with the
transaction, ValueAct has been invited to serve as an observer on
Seagate’s Board of Directors. The transaction is conditioned on
customary regulatory approval which is expected by the end of
September.
"We are very pleased to have ValueAct Capital as one of our
largest investors. Seagate approached ValueAct to execute this
transaction and become an investor in our company, given their
commitment to and success in creating long-term value for the
companies in which they invest. The Seagate Board and management
team are looking forward to engaging with the ValueAct team as we
leverage their experience and resources to further strengthen the
company and create long-term investment appreciation for Seagate
shareholders,” said Steve Luczo, Seagate’s chairman and chief
executive officer.
"Seagate has a strong storage technology portfolio and is well
positioned to benefit from attractive long-term secular trends,”
said Mason Morfit, ValueAct Capital's president. “We are very
excited about the opportunity to work with the Seagate team, at
both the Board and management level, to help increase long-term
value for all shareholders."
About Seagate
Seagate creates space for the human experience by innovating how
data is stored, shared and used. Learn more at www.seagate.com.
Follow Seagate on Twitter, Facebook, LinkedIn, Spiceworks, YouTube
and subscribe to our blog.
Copyright 2016 Seagate Technology LLC. All rights reserved.
Printed in the United States of America. Seagate, Seagate
Technology, the Seagate logo and FastFormat are trademarks or
registered trademarks of Seagate Technology LLC in the United
States and/or other countries. When referring to drive capacity,
one terabyte, or TB, equals one thousand billion bytes. Your
computer’s operating system may use a different standard of
measurement and report a lower capacity. In addition, some of the
listed capacity is used for formatting and other functions and will
not be available for data storage. Quantitative usage examples for
various applications are for illustrative purposes. Actual
quantities will vary based on various factors, including file size,
file format, features, and application software.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160909005133/en/
Seagate Technology plcEric DeRitis,
408-658-9378Eric.Deritis@seagate.com
Seagate Technology (NASDAQ:STX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seagate Technology (NASDAQ:STX)
Historical Stock Chart
From Sep 2023 to Sep 2024