Seagate Technology to Acquire Dot Hill Systems for $694 Million
On August 18, 2015, Seagate Technology, a world leader in storage solutions, and Dot Hill Systems, a trusted supplier of innovative software and hardware storage systems, announced that both companies have entered into a definitive agreement under which a wholly owned indirect subsidiary of Seagate will commence a tender offer for all of Dot Hill's outstanding shares 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. Wilson Sonsini Goodrich & Rosati is advising Seagate in the transaction.
According to the companies' announcement, "Dot Hill's external storage array-based systems and software products will complement and expand Seagate's storage systems offerings and be offered as part of Seagate's Cloud Systems and Electronics Solutions business. Seagate will leverage Dot Hill's storage technology IP portfolio and software capabilities to drive innovation and provide incremental value to their combined OEM customer base."
The transaction has been unanimously approved by Dot Hill's board of directors and the consummation of the tender offer is subject to customary closing conditions. The transaction is currently expected to close during the fourth calendar quarter of 2015, subject to customary closing conditions and certain regulatory approvals.
The WSGR team advising Seagate includes:
Employee Benefits and Compensation
Myra Sutanto Shen
For more information, please see Seagate's press release.