Storage solutions provider Seagate said it completed the process of acquisition of the £890m hard disk drive (HDD) business of Korean-based Samsung Electronics.
Seagate said its assets through the purchase are Samsung’s M8 product line of high-capacity 2.5-inch HDDs, along with others.
Seagate chairman, president and CEO Steve Luczo said together, Seagate and Samsung have aligned their current and future product development efforts and roadmaps in order to accelerate time-to-market efficiency for new products and position them to better address the increasing demands for storage. "It is an exciting time in the industry with rapidly evolving opportunities in many markets including mobile computing, cloud computing, and solid state storage," said Luczo.
According to a statement by the company, it will retain certain Samsung HDD products under the Samsung brand name for 12 months, and maintain or establish a number of independent operations including sales staff, key production lines and R&D.
The deal, which was announced in April, is one of several partnerships between Samsung and Seagate announced by them then.
The two firms have also entered into various patent cross-licensing agreements.
