Seagate Technology has said it intends to buy rival company Maxtor for $1.9 billion. Both companies produce hard drives. The deal, priced at 60% of Maxtor's closing share price, is intended to acquire Maxtor's customers, not its technology. Seagate, which also makes drives for Microsoft's Xbox 360, will have over 40% of the hard drive market share. The Scotts Valley, California, based Seagate had 30% of the hard drive market. Provided the deal makes it past regulatory committees, Maxtor shareholders will receive .37 of a share of Seagate common stock for every 1 share of the Milpitas based company.
Maxtor's closing share price is close to it's high that was reached in 2015.
( z1 close-to :op ( z2 thing :ARG2-of ( z3 price :ARG1 ( z4 share :poss ( z5 company :name ( z6 name :op "Maxtor" ) ) ) :ARG1-of ( z7 close ) ) ) )