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Publish Date : 21-Aug-2015

Seagate has inked a definitive agreement with Dot Hill Systems, as per which Seagate's wholly-owned indirect subsidiary will issue a tender offer for all of the outstanding shares of Dot Hill.

This will be an all-cash transaction at $9.75 per share, which totals to roughly $694 million on a fully-diluted equity value basis. Dot Hill indicates that it has approximately $49 million in cash on its balance dated on June 30, 2015.

The two companies have stated that the transaction has been unanimously approved by Dot Hills Board of Directors. Additionally, the consummation of the tender offer is subject to customary closing conditions.

Seagate will buy the remaining shares not tendered in the tender offer through a second-step merger, after completion in the Q4 of 2015.

Dot Hills external storage array-based systems (such as the AssuredSAN 4824) and software products will add a significant amount of flexibility to Seagates future releases and will be offered as part of Seagates Cloud Systems and Electronics Solutions business.

Seagate specifies that Dot Hills storage technology IP portfolio and software capabilities will help them further innovate and add value to their OEM customer base.

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