On February 13, 2025, Seagate Technology Holdings plc, a leading innovator of mass-capacity data storage, and Intevac, Inc., a supplier of thin-film processing systems, announced that Seagate has entered into a definitive agreement to acquire Intevac in an all-cash transaction for $4.00 per share. Wilson Sonsini Goodrich & Rosati has represented Intevac for decades and advised the company in connection with this acquisition.

In connection with the closing of the transaction, Intevac will pay a one-time special dividend of $0.052 per share. Separately, Intevac’s board of directors has declared a regular quarterly dividend of $0.05 per share, which will be paid on March 13, 2025, to Intevac stockholders of record as of February 28, 2025. The transaction and the special dividend deliver aggregate consideration to Intevac stockholders of $4.052 per share, or $4.102 per share including Intevac’s regular quarterly dividend. This represents a premium of 45 percent to Intevac’s closing price of $2.83 per share on December 11, 2024, one day prior to Intevac’s announcement that it had renewed its focus on pursuing strategic options; a premium of approximately 21 percent to Intevac’s closing price of $3.38 per share on February 12, 2025; and an aggregate value of approximately $119 million, including both dividends.

The Wilson Sonsini team that advised Intevac on the transaction includes:

Corporate
Richard Blake
Douglas Schnell
Erika Muhl
Broderick K. Henry
Helen Qi
Sasha Bobrowicz
Parris Bass

Technology Transactions – IT
Sean E. Withall
Morgan O. Kasenchak
Isabel Annino
Regina McLeod
Stephanie Stark

Employee Benefits and Compensation
Madeleine Boshart
Mark Cornillez-Ty
Emma Wilcox

Tax
Myra Sutanto Shen
Rob Sherrill

Regulatory and Compliance
Stephen Heifetz
Nimit Dhir
Jahna Hartwig

Data, Privacy, and Cybersecurity
Matt Staples
Daniel Chen

Antitrust and Competition
Ben Labow
Jamillia P. Ferris
Laura Singer
Kimberley Biagioli

For more information, please see the companies’ news release.