Western Digital to buy Hitachi GST for $4.3 billion

Western Digital has just announced an agreement to acquire Hitachi Global Storage Technologies in a cash and stock deal valued at about $4.3 billion. Under the terms of the agreement, Japan's Hitachi will sell its wholly owned hard disk drive business for $3.5 billion in cash and 25 million Western Digital common shares valued at $750 million, based on a stock price of $30.01. Hitachi will own about 10% of Western Digital's shares after the deal closes and two representatives of the company will be added to Western Digital's board.

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