Hard disk drive maker Seagate Technology PLC (STX), Wednesday said it plans to acquire a 64.5 percent stake in France-based consumer storage products company LaCie SA for $186 million.
Seagate expects the transaction to hasten its growth plan in the expanding consumer storage market, mainly in Europe and Japan, and add strong engineering and software development capabilities.
Seagate has offered to purchase the stake from Philippe Spruch, LaCie's chairman and CEO, and his affiliate. Seagate has offered Spruch and his affiliate 4.05 euros per share in cash, minus a potential adjustment depending on the cash and debt position of LaCie at closing.
The price represents a premium of 29 percent to LaCie's average closing stock price over the 30 trading days ended May 22.
Seagate said the 4.05 euros per price may be raised by 3 percent in the event that the threshold of 95 percent of the shares and voting rights of LaCie would be reached by Seagate within 6 months following closure.
The share purchase transaction is expected to close in the third calendar quarter 2012 pending completion of the relevant governmental reviews. Following the close of the sale, Spruch would join Seagate and lead the company's consumer storage products organization.
STX is trading on the Nasdaq at $25.56, down $0.80 or 3.03%, on a volume of about 10.0 million shares.
In Paris, LaCie closed the day at 3.34 euros, up 0.06 euro or 1.83%.
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