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.
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Wikinews:Briefs/December 22, 2005