Seagate Technology, a major maker of hard drives, said Tuesday that it had closed on the acquisition of the hard drive business of Samsung Electronics for $1.4 billion.
The merger, which was announced in April, is both a talent and product acquisition, Seagate said. The agreement gives Seagate select elements of Samsung’s hard drive business, including Samsung’s high-capacity M8 hard drives and semiconductors used to make solid-state drives, (known in the industry as S.S.D.’s). Some senior managers and design engineers of Samsung will join Seagate.
M&A while good for corporations are bad for consumers, less competition = high prices and cases like this (Seagate and Western Digital cutting hard drive warranties in 2012).