Reuters: Private Equity: UPDATE 1-Seagate to buy majority stake in France's LaCie

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Seagate to buy majority stake in France's LaCie May 23rd 2012, 13:50 Wed May 23, 2012 9:50am EDT May 23 (Reuters) - Electronic storage device maker Seagate Technology Plc plans to buy a 64.5 percent stake in France-based digital storage devices maker LaCie in a $186 million deal, which will help it expand in Japan and Europe. The deal value includes acquired net cash of $65 million. Seagate, which competes with Western Digital Corp, hopes to expand in the consumer storage market, particularly in Europe and Japan, through the deal. The company has offered LaCie 0.45 euro (57 cents) per share in cash, excluding adjustment depending on the cash and debt position of LaCie - a premium of 29 percent to LaCie's closing price on Tuesday. The deal is expected to close in the third calendar quarter of 2012. Following the close of the deal, LaCie Chief Executive Philippe Spruch would join Seagate and lead the company's consumer storage products organization. Shares of Seagate were down 2 percent at $25.89 in early trade on Wednesday on the Nasdaq.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions