Western Digital Buying Stec for About $340 Million
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Western Digital Corp., a maker of hard drives, plans to acquire STec Inc. for about $340 million in cash to expand its solid-state memory capabilities.
Western Digital agreed to pay $6.85 a share for STec, a 91 percent premium over the latter’s closing price on June 21, the companies said in statement. The deal has an enterprise value of about $207 million, net of STec’s cash as of March 31, the companies said.