TPG Said to Be in Talks to Acquire Seagate With KKR

TPG Capital and KKR & Co. are in talks to acquire Seagate Technology Plc, a deal that would mark the disk-drive maker’s second leveraged buyout in a decade, according to people with direct knowledge of the discussions.

The private-equity firms are considering an offer of about $16 a share, which would value the company at $7.55 billion, said two of the people, who declined to be identified because the discussions are private. The firms are looking to contribute about $4 billion in equity and may seek other buyout funds as partners, the people said. Bain Capital LLC also is interested in the deal, according to one person familiar with the firm.